I finally have a digital camera again, and it's a great toy! Used iMovie 5 for this, but don't really like how effects and text overlays work (you can't apply them to individual frames). Still, it's quite simple to use and everything works flawlessly, not least of all iPhoto integration.

(Note: Youtube indicated that this video was still in the upload queue about one hour after I posted it, don't remember that happening before.)

Update: uploaded the file again, this time without audio -- and it was instantly available. Youtube might not support AAC, and iMovie didn't offer any other audio export format... pity.