Ummm, putting the iPhoto library in the shared folder works fine for me (iPhoto '08, 10.5.1) My girlfriend and I have separate user accounts and can both import and edit photos just fine in a shared iPhoto library. When I set up my new iMac, I didn't change any permissions, just imported the old iPhoto library from my old iBook, set the location to the shared folder and it was ready to go. Same thing for iTunes.