I understand that 8.04 is an LTS release, but updating to 8.10 isn't *that* big
of a deal, unless you absolutely need to stick with an LTS release for some
reason.
Well, it's not really out of difficulty, but stability. Each new Ubuntu releases brings its share of bug fixes, and a fresh intake of new annoying bugs and uncertainty. 8.04 is far from bugless, but I "know" the existing bug set. 8.04 is "good enough" and I wish to remain here as long as possible and Get Things Done, instead of partially screwing up my setup/worrying every 6 months :)

In any case, I just set up a virtualmachine (now that I actually have a powerful desktop computer) to run 8.10 with the pitivi packages from the PPA. Seems all good, filed 2 new bug reports now that I discovered that project saving/loading actually works (surely has for quite a while, but I didn't know :)

By the way, I heard the news that another dev (Alessandro) has been hired to make PiTiVi kick arse. Congratulations!