About the iPhoto Library folder
Photos in the iPhoto Library folder are organized by the date they were taken. You can view all photos in your iPhoto Library folder from within iPhoto by clicking the Photo Library icon:
The iPhoto Library folder also contains any albums you create using iPhoto. Your photos aren't actually stored within each album; instead, the albums contain references to the photo files stored elsewhere in the iPhoto Library folder. This way, you can add the same photo to several different albums without actually duplicating the image file.
The iPhoto Library, as well as iPhoto CDs, contain a hierarchy similar to the one pictured in Figure 2. The hierarchy always begins with iPhoto Library, then contains a folder titled the year the picture was taken, followed by a folder for each month, and the day of the month under that. Finally, there are a number of files and folders. The Data folder contains data files that link photos to their thumbnails, which are located in the main date directory (09 pictured here) and in the Thumbs folder.
Important: Do not modify the contents of the iPhoto Library folder from outside the iPhoto application.
Use iPhoto to delete, duplicate, or modify any photos in the iPhoto library. Modifying the contents of the iPhoto library from anywhere but the iPhoto application could result in a library that is unusable and may cause photos and albums to no longer appear in iPhoto.