Apple has released iPhoto 7.1.2 (also known as iPhoto '08 7.1.2, to be clear) via Software Update and as a 14.2 MB standalone download [1]. The unhelpful release notes say only: "This update addresses issues when publishing photos to a .Mac Web Gallery, improves overall stability, and fixes a number of other minor issues." However, there's also a link to Apple's Security Updates Web page, where a link explains that iPhoto 7.1.2 also fixes a vulnerability [2] related to subscribing to a maliciously crafted photocast.

[1]: http://www.apple.com/support/downloads/iphoto712.html
[2]: http://docs.info.apple.com/article.html?artnum=307398

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