Having exactly the same problem as everyone else, but I've got 984 photos waiting to be synced to iPhoto. I had a bit less than 900 a couple of weeks ago after returning from a trip when the problem started. Coincidentally, I updated to 1.0.2 when I returned as well, though it sounds like this was a problem for some users under 1.0.1, though it hadn't been for me. I'm wondering if it actually is an issue with the number of photos waiting to by synced.
I tried every single one of the suggestions above, all to no avail. I've also taken it to the Apple Store Genius Bar where a genius was stumped, as was a mysterious tech person in the back room who never came out. They suggested I wait for the next iPhone software update, since resetting the iPhone had no effect, and restoring it will erase all my photos.
I have read about some people having better luck with Windows for some reason, so I tried that. Vista recognized my iPhone as a digital camera, and said it had installed the appropriate drivers, but I could not get Picasa, Snapfire, or any built-in Windows app to detect the iPhone in order to transfer the photos. I was able to see the iPhone and all the photos with Tansee iPhone Transfer Photo, but I was using the demo which only allowed the first six photos to be transferred. The registration key costs $20, and I didn't want to spend that, since it ought to work just fine for free with iPhoto on my Mac. I don't think Apple will be interested in paying for a copy of Tansee for me, so I hope they've got a bug fix planned for the next iPhone software update, and that it comes out soon!
If anyone has another suggestion that hasn't been offered above, I'd be interested to try it.