This afternoon Apple released iPhoto Update 4.0.3 (initially only through Software Update, although we suspect it will soon be available as a Web download, as well). The "documentation" -- and we use that term loosely -- is identical to that of the released-then-pulled iPhoto Update 4.0.2:

iPhoto 4.0.3 addresses minor issues with Smart Albums and European books, and provides notification when new versions of iPhoto are available.

We suspect this version fixes whatever problems necessitated the recall of the 4.0.2 Update, although we don't know what those problems were, since Apple didn't provide any explanation for removing that update. If you installed version 4.0.2, it would probably be a good idea to install version 4.0.3. If you haven't yet installed either update, the usual update caveats apply.

UPDATE: Apple has posted a Web download of the update.

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