After waiting for a month for Apple to fix this BUG, I gave up.
It was bad enough losing my favorite plug-in (Bullstorm's Keyword Manager), but this BUG not being addressed in the first month of the release (and there's been a bug fix release already), it just unmanageable.
I found this:
http://appletoolbox.com/2010/10/how-to-downgrade-iphoto-11-to-iphoto-09/
Which was a good safe way to get my iPhoto '09 restored properly without losing my work from before. I had to re upload images that I had pulled into iphoto '11 and add the keywords back into it, but it worked well.
As an FYI, the keyword manager plugin still thought I had iPhoto '11 when I ran it initially. Rebooted and all was well.
Shame Apple, Shame.