MacRumors.com

Today Apple introduced iLife '08. The suite will ship on all new Macs starting today. Alternatively, the suite will be available to prior Mac users for $79. If you purchased your Mac on or after August 7th and did not get iLife '08, you can get it for $9.95.

iPhoto
-Events is a new way to automatically organize ever-expanding iPhoto libraries into events.
-Automatically hide/show photos based on star rating
-New Books and Calendars
-.Mac Web Gallery: Enhanced, web 2.0 photo galleries compatible with any browser. "Contribute from anywhere"... Allows you (or anyone) to add to web gallery from the internet or from the iPhone.

iMovie
-Completely new, designed to create a movie in 30 minutes or less.
-Video Library manages video source material
-Takes video from "any source" (HDV, still cameras that do video, AVCHD, etc...)
-Share menu includes support for exporting for iPod, iPhone, Apple TV. "Large resolution is better than DVD"
-.Mac Web Gallery and YouTube integration

iDVD
-"Professional Encoding"
-Better performance
-New themes

Magic Garageband
-Multi-take recording
-A way to experiment via auditioning multiple genres
-Visual EQ
-New Vocals Jam Pack

iWeb
-Web Widgets: live content from other sites
-Google Maps and Adsense
-My Albums: Simplify navigation by dragging your photo albums to a sleek, animated index page.
-Enhanced Photo Pages: Display up to 500 photos per album, complete with auto-pagination and viewing options.
-Theme Switching
-Personal domain name support

A Guided Tour is available.

Apple has also issued a few software updates for iLife '08:

iPhoto 7.0.1
This update to iPhoto addresses issues associated with publishing photos from an upgraded library to .Mac Web Gallery.
Front Row 1.3.1
This Front Row update provides for improved iPhoto compatibility.
Aperture 1.5.4
Aperture 1.5.4 is required for compatibility with iLife '08. This update is recommended for all Aperture users.