Apple today updated iPhoto '11 to v9.2.1, a bugfix update the corrects a crashing and importing issue that appeared whenever there was an old 3ivx codec present when users upgraded iPhoto to v9.2. The update, which is only available via Software Update at present, fixes the issue without requiring users to remove the 3ivx codec, which resolved the issue for users prior to the update. The codec was most commonly installed on Mac systems via the Flip digital video recorder.
