iMovie '09 messing up video speed

in Mac Software edited January 2014
Ok, this is driving me a bit crazy and I'm fairly sure it's something simple I'm missing..

I recently got a Panasonic Lumix DMC-TS2 camera which shoots 720p AVCHD video. I was using iMovie '08 at the time. It would import the video from the camera but played back the clips at double the speed for no apparent reason.

After much research, the only things I could find was that this is solved in iMovie '09.

The camera is listed as supported on Apple's iLife web page. So I went and got '09.

And the same exact thing happens. Clips play at double the speed.

Anyone have any clues I can borrow?...
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