Will iMovie HD open iMovie 08 Project?

Based on what I've read, I can't see iMovie 08 replacing iMovie HD, but I could see it being useful in just the sort of circumstances it seems intended for -- a quickie movie that can be shared right away.
I could also, however, see myself wanting to fine-tune a quickie project created in iMovie 08 by using iMovie HD.
Will iMovie HD open iMovie 08 projects? If not, can anyone suggest a way to, in effect, have the best of both worlds?
Thanks

Projects cannot be shared between iMovie '06 and iMovie '08. '08 can import '06 projects with some documented limitations. There is no quality loss going in that direction. To go from '08 to '06, you have to export your project as a movie file. Your best choise is using the Quicktime DV Stream format, as that is the native format for iMovie '06. Then import your movie into a new project in iMovie '06. You will get one long clip in iMovie '06, will all effects, transitions, and titles rendered. There is a slight quality loss in the process, as iMovie '08 is not a DV editing application, and re-encodes your clips, even if they were in DV format originally.

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