Apple today released iPhoto 9.3.1.

What’s New in Version 9.3.1
- Addresses a problem during the migration of albums from MobileMe Gallery that may cause photos to be moved from their original events into a new event called “From MobileMe”
- Fixes an issue that in rare cases could cause iPhoto to hang when upgrading libraries

Included in Version 9.3
- iPhoto can now open libraries from Aperture 3.3 or later
- AVCHD video is now supported
- The Description field now automatically expands as needed when entering text
- You can now flag a photo in Magnify (1-up) view by clicking a Flag icon displayed in the upper left corner of the photo
- Keywords and titles are now preserved when exporting files with embedded GPS location data
- A new Export option allows you to automatically organize exported photos into subfolders by event

iPhoto 9.3.1 requires OS X Lion 10.7.4 or later. It is available via Software Update and also as a standalone installer.

More info and download link (599.65 MB) here.