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First of all it's iPhoto 7 and it's Free! Comes with the iLife Suite. I just got a new iMac Intel 2G machine and iPhoto, iTunes, iChat etc., all were pre-installed, latest versions. How can you beat that? I think iPhoto 7 is very high end compared to much earlier versions.
Elements is v. 3 I believe. I like that a lot too. I run a small photograhy biz with iPhoto and Elements and honestly don't need any more.
You should get a manual for iPhoto and check out the new features. Like I said, it's a free app with any new Mac and Tiger.
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