Installed iLife ’09 a couple of days ago. I’ve so far just tried iPhoto because that’s what I was curious about. The new Faces and GPS features are great! It makes life (no pun intended) much easier when sorting pictures. Spent quite some time getting all the people recognised in my photos. It’s not foolproof and by no means perfect but it makes things a lot quicker. It’s also fun when iPhoto thinks your neighbour looks like a porcupine 
Question is, whether it’s worth the money though. NZ$249 (family pack) is a tall order. If you’re like me and are just interested in iPhoto then it’s probably too much and you should hold out for the Upgrade Pack when Snow Leopard comes out. If you can use any of the other programs it’s probably OK to shell out so much money. It’s not really Apples fault things have gotten so expensive but then does that change things for me? Probably not. Let’s see what happens with Mac OS X 10.6.