First of all, beware of iPhoto's export options. Saving albums to a web site, and saving them to CD, both ignore the movies and don't warn you. You'll get all the photos in the album, and none of the movies. Very nasty if you don't check carefully.
Secondly (more of a question than a warning). The movies from my HP 850 camera are MPGs with embedded audio. QuickTime plays them just fine, but if I make any changes to the movie, or try to load it in iMovie, or save it in another format, the audio portion disappears. It claims there's no separate audio track. Does anyone know of a tool that will convert the movie to something that preserves the audio?
Thirdly, the final piece still missing from iPhoto is the recognition of audio tracks embedded in still images. The JPG standard has support for this, and both my HP and my previous Kodak camera supported it. However iPhoto doesn't recognize them. Ideally iPhoto would allow playing the audio, and have an option to convert the photo into a movie for general use.