phew!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
I had some serious issues with my iPhoto library. Lots of missing thumbnails (basically all of my photos – 17,000+).
The update that came out today seems to have fixed it all up!
What’s New in this Version
This update to iPhoto addresses issues associated with publishing to .Mac Web Gallery, rebuilding thumbnails, and editing books. It also addresses a number of other minor issues.
Thank you very much Apple iLife developers dudes!
http://www.macrumors.com/2007/08/28/apple-releases-iphoto-7-0-2-update/