For a guy using the apps for three days you sure had a lot of humble opinions.
Running into so much trouble using iPhoto for three days can indeed provide you a few ideas about the app, yes, not because of the app it self, but because of you experience with other catalogs such as LightRoom, PhotoDirector, ACDSee or any other option and how it works, so yes you might have a few ideas and opinion based on just three days, and of course they should be humble, don't get me wrong, but I can have a different view if, good arguments are presented explaining the way this works and why, why not.
I know that was your point. My point is that is not the case because regardless of whether you use a Managed or Referenced Library, the files are stored in the exact same Finder. So, it's the exact same risk.
As far as I could explore: managed, copies the full picture into the library, after finishing( or during import event, don't remember it now) import, the tool suggests to delete the full picture from where you are importing.
Actually it does so too with referenced option, witch seems even wronger, since you are not holding the raw picture anywhere if you do it, so might loose it right from the beginning...didn't even test it on either method anyway(I mean I didn't go with delete option).
If you use both Managed and keep the files you are just duplicating all your full work, where for me it's not the point of a library, I just want to know what I have, organize it in a good enough faster view, and start from that point, for editing it's another subject, again in my humble opinion.
This means most people that might be using iphoto, if in managed option, would tend to allow them selves to remove original picture. Saying this, by corrupting the library, all is gone since all original files were deleted from import.
I can agree that since delete option is displayed in both referenced and managed at import, it would make this software even more dangerous towards your work, has by using reference library, doing the same procedure, you are deleting the reference of a photo at import?!?!?I kind of understand now, maybe that's why Apple is giving up of this software?
Cheers,