I've been experimenting with editing footage from my Sony HDR-CX7 HD Camcorder in iMovie 08. It seems that some people are having problems getting the camcorder to work properly with iMovie 08 and here is the process that is working for me.

Importing footage directly from the camcorder

• Connect the dock to the Mac with the USB cable.
• Place the camcorder in the dock and power it on.
• You should see a menu asking which method you'd like to use to connect the camera.
• Press the Computer button.
• The Memory Stick icon should appear on the Finder desktop.
• Launch iMovie 08
• iMovie with automatically detect the camcorder and prompt you to import video.