iMovie2 to FCP is now possible?

[Ross Jones]

Correct me if I'm misinformed:

iM2 to iM3  Save as iM3

iM3 to FCE  Save as FCE

FCE to FCP  Save as FCP

I still have student labs using iM2, but this would give us some 
advanced finishing options.

I'm assuming that audio levels and transitions may not translate, but 
all I want is a good cut.

Thanks for any ideas or thoughts - testing to commence shortly.

Ross