Late Thursday, Apple released its anticipated iPhoto 9.3.1 update. The update, a 600 megabyte download, adds the following fixes and changes:

- Addresses a problem during the migration of albums from MobileMe Gallery that may cause photos to be moved from their original events into a new event called “From MobileMe”.

- Fixes an issue that in rare cases could cause iPhoto to hang when upgrading libraries.

iPhoto 9.3.1 retails for US$49 as part of iLife ’11 and requires Mac OS X 10.7.4 or later to install and run.

If you’ve tried the update and noticed any changes, please let us know.