Sorry for being late to this discussion, and thanks to all those who added their bit. I'm not a PC convert -- I've been using both macs and PCs since 1993 and I've used macs for everything personal for most of that time. I was happy with my 2004 powerbook and an old iLife version until I was seduced by the new macbook design and switched. It was a good decision overall (my old mac was quite slow) but I had quite a few disappointments. And the new iPhoto is one of them.
Just trust iPhoto for me is not good enough. I want my individual photo files back, as I had in previous iPhoto versions! I don't want to make several steps and having conflicting file names for the same pictures. I want it simple but I also want to see each individual photo so I can open it on photoshop without exporting. And I don't want to copy photos from my camera manually, rename them manually, and then ask iPhoto to index it so I can have a nice slideshow. That sounds like something Windows would ask me to do, frankly speaking.
I understand those who find bliss in leaving everything to iPhoto, because the interface is really good. But why on Earth Apple has to annoy people like me and so many others that posted here, who just want easy access to their individual photo files? I don't want a lifetime engagement with iPhoto. And I like my photoshop, thanks.