Just an alert in case you upgrade - this turned up on another forum:
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There are a number of reports on various Forums of people using iPhoto within iLife 11 losing all their photos!!
Please make sure that if you have got iLife 11 that you have all your photos backed up BEFORE you using the iLife 11.
It seems to be affecting downloads from cameras more than from card readers but please be aware.
Apple made their usual comment of "We don't comment on rumour or speculation." In other words they know there is a problem and they don't have an answer yet.
I don't use iPhoto, but the post and the rest of the discussion are here
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have all your photos backed up BEFORE you using the iLife 11
"Back up? BACK UP?! We donn't need no stikin' back up!"
Next thing you know, they'll be telling us to wear a seatbelt!!!
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In other words they know there is a problem and they don't have an answer yet.
Perhaps the rest of the article explains that "reasoning." And, while it may be true, to me, it only says that they "know" of the rumor(s) and speculation.