Here is a suggestion that I hope will help, this will only help when using AFP to connect to the library (i.e., when the library is stored on a disk connected to another Mac or on a disk connected to Airport) unless the NAS used supports AFP and you use AFP.
Open a Terminal Window and type in:
defaults write /Library/Preferences/com.apple.AppleShareClient afp
wanquantum 131072;
defaults write /Library/Preferences/com.apple.AppleShareClient afp
wanthreshold 1000;
This will more force the AFP client to use 128K blocks even when the initial response for connection was a bit slower. I also changed:
defaults write /Library/Preferences/com.apple.AppleShareClient afp_maxDirCache 240
defaults write /Library/Preferences/com.apple.AppleShareClient afp_maxFileCache 240
Not sure what they do but I assume it has something to do with the maximum to be used for caching. All these settings are to be done on the client (thus the computer you use iPhoto on with the library stored on a network drive).
From my initial feeling it seems to be faster, especially with the 1st 2 settings but I have not worked in iPhoto long enough with these settings to make sure. After changing it please ensure you disconnect from the shared volume (or reboot) so that these settings get into affect.
I got this information from:
http://www.afp548.com/article.php?story=20060329213629494
Hope it helps people.