Great tip for merging old iPhoto libraries on CD with new iPhoto 5 libraries

This great tip on Mac OS X Hints couldn't have come at a better time for me. I have a bunch of old iPhoto libraries archived on CD, but I burned them with
Toast, which is way faster than burning them from iPhoto directly.

Now that large iPhoto libraries don't slow iPhoto down to a snail's pace (as of iPhoto 4, but I never got around to it then), I've been thinking about how to get my archived photos into iPhoto 5 without losing the album structure I spent so much time on. An anonymous hintster wrote about how he struggled to do exactly what I want to do, and he's done me (and you) the favor of providing a simple solution that works.

Guess what I'll be doing this weekend?