Unable to Import HD Mov into iMovie 09

As mentioned previously I got myself a Kodak Zi6 HD camera to play with on holiday.  For some reason every time i tried to import the .Mov files into iMovie 09 i was getting the following error thrown up at me.

File not Found (path/to/movfile.mov)

Despite much searching I couldn’t find anyone else getting the same issue and then i noticed something… my ‘Movies’ folder in my home directory was missing.  i recreated the folder and voila – import started working again.  Shame iMovie couldn’t have noticed this and given me a somewhat useful error.