I agree with Reviewing-Type Guy and add my own complaints:

It's almost impossible for, say, a newbie to permanently delete a catalog without deleting the images themselves. One must go into Application Support and delete the file there. I think this is very unsatisfactory.

Also, by personal preference I use iViewMediaPro for producing my image catalogs. (It's a vastly-superior product.) And I prefer to drag-and-drop image files from my Flash card to a folder of my choosing on the hard drive. I am really p*&^ed off that I cannot stop iPhoto from bursting eagerly into life whenever I insert said Flash card or directly attach the camera.