I think I have found the answer: the library is a very complex thing full of mysterious but apparently useful parts that serve to connect everything in various ways. The Photos/Events are just the pictures, without all the connections etc.
Your iPhoto library holds the original image files you imported (that is the largest part), JPEG previews of the edited photos for sharing with other applications, thumbnails for browsing the iPhoto library, small thumbnails of the faces, and database files to describe the relations between photos and other library items like albums, books, etc.
If you are syncing with iTunes there may be also an iPod photo Cache, see iTunes: Understanding the iPod Photo Cache folder