The original iPhoto was released in January at MacWorld SF 2002. Since that time, the software has only seen minor revisions. A MacRumors source shared with us some information about the upcoming iPhoto update.
The upcoming iPhoto update will bring it to version 1.5 (from 1.1.1). Additional features will include burning support, iDVD Export support, and possibly more .Mac integration.
Time frame for release is still unclear, but the previously rumored Halloween release seems unlikely.