We have performed magnetic domain imaging with spatial, temporal, and layer resolution using x-ray photoelectron emission microscopy. The element selectivity of x-ray magnetic circular dichroism allows the magnetization dynamics of the different magnetic layers in spin-valve-like FeNi/Cu/Co trilayers to be studied separately, using the time structure of synchrotron radiation. The unique possibilities of this technique have been used to study the influence of the intrinsic magnetic properties of the different layers on the magnetization dynamics and the interlayer magnetic coupling.