iPhoto 9.2.2 or later: Migrating MobileMe albums and photos to your iPhoto library
MobileMe service was discontinued on June 30, 2012.
If iPhoto has not yet migrated your photos from MobileMe, you will see this dialog the first time you run it.
When you click OK, iPhoto will create a "From MobileMe" folder in your source list and will add the photos you published to MobileMe to a corresponding album in this folder. However, iPhoto can no longer download photos that are not already present in your library from MobileMe.