Is iPhoto '11 Deleting Your Photo Library?

"Upon upgrading to iPhoto 11, I got the revolving gray wheel for a very long time, and the Finder said that iPhoto had "stopped responding" so I force quit and started again. I was finally able to upgrade and rebuild my library, but there was nothing there. Every event was labeled properly, and contained placeholders for my images with my labels and even my ratings, but the images themselves were not there. They were all gone."

The above user from the Apple Discussion forums had the problem, as have many others after upgrading to iPhoto '11. No word yet on what is causing this but it is always a GREAT idea to backup all of your files before upgrading any program. ZDNet has also posted about this story, and 9to5 Mac has an idea on how to fix the problem, namely repair permissions. Have you had a similar issue?