After having done some investigation, I've found this answer to be partially true. After having done an inventory of all the files, I have located all files which are known to be unique, and it turns out that some of the largest files are .MOV and .mp4 files, and these don't appear to be using the space-saving technique (hard links) everyone is heralding that Apple accomplished:
Using OS-X Terminal:
$ cd /Users/clint/Pictures/iPhoto\ Library.migratedphotolibrary/Masters
$ ls -ali "./2010/Aug 15, 2010/IMG_1008.MOV"
1144687 -rw------- 1 clint staff 124405327 Aug 6 2010 ./2010/Aug 15, 2010/IMG_1008.MOV
The first number is the inode (unique to every file on the drive). That number "1" in column 3 before my username (clint) means that this file has 1 link, meaning it's not shared anywhere else on the filesystem. If it were shared, it would be larger than one. Many of the files in here are shared, however, there are quite a few that are not. And movie files tend to be some of the biggest in your collection.
If I go and search for that file above in Photos, I have in most cases (not all) found an identical filename with the same content and having a different inode.
One thing to check is to go into your Masters directory (see previous command) and find all files with one link:
$ find . -type f -name "*.???" -links 1 -exec ls -ali {} \;
I would go through some/all of these files and make sure you have copies of them somewhere in your Photos Library. Note: Filenames are not uniquely identifying information for a file! Also pay attention to file size. Cameras use a rather repetitive naming strategy for filenames, and you will get duplicates occasionally.
After you've done this, THEN it's probably safe to nuke the old iPhoto library. If you have many files that are not shared, then you will recover more space.
Good luck.