Where does iPhoto'11 store its photos? Does it work like Aperture and store files in its own directory? If so, where is this?  I'm debating on dropping Aperture to save space on my hard drive, so want to know how iPhoto works before I switch.

Thanks
iPhoto stores its Library in your User-Directory.

The Path: ~/Pictures/

Right-Click on the Package, and then select "Show Package Contnet" to view your pictures!

Or, right-Click on a picture in iPhoto, and select "Show in Finder"