Yeah, it definitely was limiting. But it helped with what I wanted it to do – help me learn a new language so to speak. It’s such a basic set up that its truly a “fundamentals” version of FCP X to me. When I just jumped into FCP X there was a lot of extra stuff I got distracted with. This just cut all that out the equation so I could focus on the core way of editing – still not a fan of the magnetic timeline but at least don’t find it absolutely frustrating anymore either.
And I don’t envy you, doing any type of project that’s more than a home project in iMovie 11 would have to get frustrating. I had issues with text being slightly different when I re-opened a project as well.