Apple today released iPhoto 5.0.4 Update which is recommended for all customers using iPhoto 5.0, 5.0.1, 5.0.2 and 5.0.3.
iPhoto 5.0.4 addresses an issue with browsing photos that have been auto-rotated by a camera.
The Update is available via Software Update and as a standalone download (39.2MB).
More info and download link here.