IPhoto won't open library, says it was created in a newer version

Copied wife's home folder from her old MacBook (going to the kids) onto MacBookPro (going from me to her). Both machines running latest Lion with patchs and iPhoto version 8.X. When I open iPhoto on the MBP, it says "Cannot open library, it was created with a newer verison of iPhoto". Yet both the MB and MBP are runnign the same versions of iPhoto?
Solutions?
Should I buy latest iPhoto from the app store?
Is the libary DB corrupt?
thanks,
There are 30Gb+ of photos (mostly of kids since birth) so domestic harmony demands a speedy solution
BTW is there a limit on how large an iPhoto DB can be?

Here is some advice I copied from a b noir (regular poster on these forums) message.
I've seen that one reported every now and then after an version update, if the update hasn't gone through properly. (The library files seem to get updated, but the program files don't.)
So, let's try another iTunes update, taking a few extra explicit precautions this time.
Download and save a fresh copy of the installer to your hard drive. (Don't run the install on line.)
Latest iTunes Installer
Switch off antivirus and antispyware applications prior to the install.
Now run the install by doubleclicking on the iTunesSetup.exe (installer) file you downloaded earlier.
Does that install go through okay? If so, does iTunes launch without the error message this time?

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