The updated versions of iPhoto, iMovie, and GarageBand are now making their way onto the Mac App Store. The icon for iPhoto has been updated on the store, but it’s still displaying “iPhoto ’11” at this time. The latest version released today, 9.5, is available though if you press the install or update button.
Update: For those with boxed/retail versions of iLife, Apple is slowly rolling out the ability to upgrade for free. Keep checking your “Updates” tab in the Mac App Store. If you already made a purchase today, you can hit “Report a Problem” in the Account section of the Store and request a refund.