All of the new commercials are Christmas-themed and all feature Apple’s (AAPL) iPhone, though they are careful to leave it unscathed by Verizon’s criticism of AT&T (T). The standout among the three, this re-creation of the “Island of Misfit Toys” scene from the 1964 Rankin/Bass stop-motion animated Christmas television special, “Rudolph the Red-Nosed Reindeer.” Note that the conceit of the ad is that iPhone has been banished to the Island of Misfit Toys not because of its quality but because of of AT&T’s 3G network.

A pretty brilliant escalation of Verizon’s marketing battle with AT&T and one that suggests through its deference to the iPhone that there may be more to these Verizon iPhone rumors than previously thought.

Below, Verizon’s other two ads.

Next up on the Macworld agenda: iMovie. This Apple (AAPL) software has been given not just a refresh, but a full rewrite. We’ve added so much to iMovie this year, says Phil Schiller, that iMovie will be the consumer video editing software to have. And that may turn out to be so. Precision editing, drag and drop. Dynamic themes. Automatic stabilization. Animated travel maps. Randy Ubillos, Apple’s chief architect of video, takes the stage to demo the product.

He quickly demonstrates the optimization of a video clip, adjusting its audio, the angle of the video. It’s a very complex edit and he does it very, very simply. The video stabilization tool is, and I hate to sound like a fanboy here, mind-blowing at first look. It’s accurate and fast, and appears to be professional or near-professional in quality. Furthermore, these enhancements are for the most part being done in real time.

A set of new built-in animations, transitions and themes rounds out the application. All very slick.