I am having similar problems after upgrading to iPhoto 9.5 and Mavericks.
IPhoto opens, but there are no photos or thumbnails or projects. Just about all options are blanked out.
iPhoto does not give me any messages about the library needing updating or being incompatible.
In preferences I choose the default library, but it still does not open them.
My iPhoto library is still intact in the same location it has always been, and is 23gb.
In Finder, if I click on ....pictures/iPhoto library, iPhoto will suddenly launch, and with it all the photos and projects.
Why does it not launch them automatically when I open iPhoto?