Yeah, multithreaded isn't a sufficient criteria. There are many types of threads, only some of which can be spun off to separate cores.
I'm not sure about iPhoto, but iTunes, iMovie, and iDVD all use as many cores as you have. iWeb probably isn't, since it wouldn't see much of a speedup. Most "Pro" apps like Photoshop, FinalCut, Maya and Compressor are also multi-CPU aware.
There have been multi-CPU Macs for a decade; the dual G4s were very popular and lots of applications supported multiple cores.