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One option in iLife 06 I found from the iPhoto web site is to share the library by burning to disc and dragging into the other library. Select the photos you want to share either from the main library or create a subset in an album and select all. Then go to the share dropdown menu and select "Burn" which burns the photos to a CD or DVD (why they do not provide the option to burn a disc image I do not know - perhaps in the next version of iPhoto). Then take the disc to the other computer, drag the photos into the main library. The modified and originals are all copied into the library.
Wow, that's a gigantic pain in the ass. Is there a better way to do it? I have one library, and a second library on a laptop, and they don't overlap, I think.
You might give iPhoto Library Manager's merge feature a try. Granted, I am slightly biased since I wrote it, but your situation is exactly what it's written for.