I hope Apple moves users who bought iLife '11 on disk to the Mac App Store versions or those bought their Mac before Lion came out that came with iLife '11.
Speaking of which, I wonder if Apple will make you pay for new major versions of iLife or iWork now with the Mac App Store... I guess time will tell.
I just got a new MBP 15." I went to the app store to my purchased section, and it was asking me if I wanted to link my iLife 11 to my App Store account. I did it, and now it shows up, and I can only assume updates will come down through the app store.