Multiple User Setup Recommendations?

I'm picking up my iMac tomorrow and was wondering what everyone else does in setting them up for multiple users at home?

My wife and I both have iPhones and separate Apple IDs. We also are both amateur photographers and would both want to use iPhoto. I would also use Lightroom.

I know one option is separate user accounts. On the PC, we found having to switch accounts pretty slow and unwieldy. Also, the iPhone won't synch unless the respective account is logged in.

Is switching accounts any easier on the iMac? Are there any other configuration options that make sense? It seems to get pretty tricky to use just one account when the iCloud is involved and pulls in photostreams, etc.

All suggestions, tips, tricks and sharing what works for you are welcome!