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I don't see it happening; iPhoto is not only dependent on a lot of OS X libraries (a *lot*), but a big part of it is also integration with the other iLife apps...which Windows doesn't have. iTunes for Windows is already kind of a dog because of all the extra stuff Apple has to compile in, and iPhoto would probably be many times worse.

EDIT: Not to mention that the "wow factor" of the iLife apps, how easy it is to make photo albums and web sites and music and videos, is what helps Apple sell a lot of Macs. They're not going to give that advantage to Windows. They're going to limit the gateway drug to iTunes/iPod I think, and that's it.
 
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