On January 7th at Macworld, Steve Jobs announced that iDVD, iMovie, iPhoto, and iTunes would be available bundled together under the name iLife for US$49 on January 25th. iLife had since been postponed, but it is now available, as of today, for purchase.
As part of the iLife package, Apple also announced that iMovie 3, iPhoto 2 would continue to be available as free downloads. iTunes, too, would also continue to be available as a free download. iMovie and iPhoto have both been made available this afternoon as downloads from Appleis Web site.
You can find more information on Appleis iLife page, along with download links for iMovie 3 and iPhoto 2.