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Apple has made useful updates in this version (unlike many software updates that don't seem to change much - think XP) I don't use Garage Band but the iPhoto and iMovie updates are a big step
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iLife '09 works as promised, offering several nice updates to the applications that came free with my '06 MacBook Pro.
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09 is a revolutionary update due to its GPS tagging and Faces
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I needed to get this updated- well, updated for me- version of iLife to get iPhoto updated
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Yes this is a good update for many things if you have '08.
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All in all I think iLife '09 is a great update to the previous versions
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I love the updates in iphot0 that do geotagging either by automatic download if your camera is capable or by manuel insertion if not.
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Many other features also improved-A+