A few days back I noticed I was getting the spinning beach ball for over a minute every time I launched iPhoto. This is a clear sign that something isn’t right in your library, and that you need to rebuild the library from scratch.
Now don’t worry, you don’t have to reimport and sort your pictures all over again. Instead, while launching iPhoto, just hold down the Command+Option keys down, and it will present you with a dialog box to rebuild you iPhoto library. Select all the options and click rebuild. It will take a while depending on the size of your library, but once it’s done, iPhoto will show a noticeable improvement in speed.

If you want more control over your iPhoto library, or want to have multiple libraries, check out iPhoto Library Manager ($20) from Fat Cat Software.

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Thx for the tip.
In the last few months I notice that my iPhoto became very slow (I got more than 2 thousand pictures in my library). I’ll try to rebuild the library and see if this fasters the performance.