Become a MacRumors Supporter for $50/year with no ads, ability to filter front page stories, and private forums.
I just thought of another reason that Apple was quick(er) to get out garageband and iMovie to the iPad before iPhoto.... They were able to make some money off it! At $5 a pop it's easier to rationalize quickly making the software, opposed to the iPhoto app which IMO will simply be an update to the Photos app. (so a free update)

And the iPad is selling well enough right now without having iPhoto come standard, so Apple is taking their time.

Again, I'll be surprised if it doesn't come in iOS5
 
I seriously thought the reason why camera+ went down for so long was due to the fact they were in negotiations with Apple about implementing features of camera + into iOS5's camera/photo app
 
As well as the Photos/iPhoto problem Apple would also have to solve the problem of syncing data back to iPhoto on a Mac. It's pretty pointless for me to rearrange my albums and events on my iPad if the changes can't be sent back to my main iPhoto library.

Currently the sync only works one way (from a Mac to an iDevice); changing to a two way sync would create a whole bunch of new problems. Would should happen if the same album is changed in different ways on a Mac and a iPad? Maybe Apple is waiting for it's cloud strategy to be up and running and it'll use that to keep the two libraries continuously in sync.
 
Register on MacRumors! This sidebar will go away, and you'll see fewer ads.