Ok, version 3. This time I took the plunge and purchased the Magic Bullet Looks for Final Cut Studio!
It is so easy and fun! Of course with a little help watching the tutorial videos on youtube.
You can go back and view the first two videos so you can see the progress.
v1 with iMovie: vimeo.com/7244372
v2 with Final Cut Studio: vimeo.com/7388149
v3 with FCP and Magic Bullet Looks: this video here