If the folder has been imported before, because I have only added photos to the existing folder, iphoto decides annoyingly to create another event of the same name. I then highlight the two events, right click and hit Merge Events. BAck to one event = one real folder.
If I use Photoshop I always do it outside iphoto and import the subsequent version as above.
If I get tired of the wasted space in the iphoto library I find it and delete it, then import the whole folder structure fresh into iphoto. Cooks the CPU but no harm done.
To explain, The first point is that iphoto is behaving badly (IMHO) creating another event of the same name but with a date qualifier so it makes sense for ME to merge them. If you want iphoto to control your life events as it chooses then ignore the method.
Second point is that my serious edits would be done in RAW and resultant jpgs can be imported after editing. Again this allows me to keep my separate RAW 'negative' files separately. The 'Edit in external editor' option is very slow and has hung my mac several times with the wheel of death.
Final point is, as you will see from many previous posts, when these databases screw up their index they tend to trash your photos. Having an index that can be recreated from the master filesystem rather than a filesystem that is created from the index, the index is disposable and cannot screw up your photo collection.
Yes of course editing any jpeg will lose some metadata every time it is saved. It's a flaw in the jpeg compression The 'current version' held in iphoto has already lost its metadata (it is saved as a jpg in iphoto library) and exporting it does not make it any worse. Also if exported with a suffix a,b,c all versions are available in the mac fielsystem. Exif data is preserved.