iphoto Startup freeze

Recent update to iphoto11 and now there is 5+ minutes of freeze every time it starts... just iphoto is stuck. I don't recall exactly but I think this is since a fairly recent iPhoto auto update... at first I thought it was updating the iphoto library or such but now it's been 5 x's or so I've restarted iphoto and same thing... during the startup iphoto is running fairly low % of cpu... maybe 5-10%. There is absolutely no response within iphoto. Once that startup freeze is over then all is normal and very responsive.

I have latest lion, 8gig ram, nice imac