Have to chuckle... I had my new iMac for several months before I even REALIZED it had iMovie on it...
I've played with iMovie a ton since, and yeah, you're exactly right... you can pretty much do a production just by dragging and dropping. It's a BLAST!!!
I was a little apprehensive about posting stuff on YouTube, as my first three little projects "borrowed" some popular songs as the backing music. However, they are all my original shot video footage. No copywright problems there!
Here's a one-minute piece of my Radio Controlled car:
http://www.youtube.com/watch?v=0gUTM5UoYaM