.. and it probably won't. I guess beauty is in the eye of the beholder.
BTW, I paid $1144 for my new 17" 2G Intel iMac and it is awesome. Very fast and the screen is amazingly bright and sharp. Not a bad price.
Should mention that, of course, there are better programs than iPhoto out there ... but for Apple to install it free of charge on all new Macs and/or OSX ... not bad. I for one can't afford a high priced 'better' program and I've found that iPhoto can do a lot if one takes the time to learn it.
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...
In my mind iPhoto wins hands down but one must investigate all of it's capabilities - as with any high-end app.
I use it all the time, but for all around enhancing of digital photos my choice is Adobe Photoshop Elements. Amazing program for Macs. $99 I believe.