I've just installed iLife '11 on my MacBook and my first impressions are that it doesn't seem to be a great deal different to the '09 version that I previously had installed.
Apple have updated iPhoto, iMovie and GarageBand. I don't use GarageBand so I can't really comment on that one. After opening up iPhoto I was prompted to update my photo database which (as I have thousands of photos) took quite a while. iPhoto looks pretty much how it used to and from what I can see doesn't really have any new features, all they seem to have done is improve the interface to make using iPhoto a little bit easier.
Is it worth upgrading to iLife '11 or should you stick with iLife '09? I'll see how I get on with it over the next few weeks/months and let you know.