Yeah, it sounds interesting, but I don't want to try it if it'll eff up my library. 😱
Oh, and iPhoto 4 works fine for me after the 10.3.9 upgrade, except 1 picture that I know of won't load. Yes, one picture, but maybe there are more. I didn't check them all. Its the same problem as you: I click on the picture to go to EDIT mode, and the iPhoto screen goes white instead of showing my picture.
Also, Safari is screwed. When I go to some message boards, the smiley's aren't showing up in the correct positions on the screen. Some are even overlapping, while some images seem to be overflowing, as if they don't fit the rectangular "frame" they are supposed to fit.