The last update to iLife came in 2009 (or late 2008), so it makes sense that the 2011 version would be announced soon. According to Mac4ever, the new version of iLife will have a number of new features, include 64 bit in all apps, a completely new version of iWeb, integration of social networks, improvements all around, including faces and places in iPhoto.
Although they also say that iDVD would be dropped, which would be a shame. Although, to be honest, I can’t think of many uses for it anymore. People rarely burn dvds of their own videos or photo albums anymore. Still, it can be useful, I know I’ve used it before, and would miss not having it. Fortunately, just because the app won’t be updated in this version doesn’t mean you’ll be losing it. It just means there won’t be new new features added to it.
Finally, they mention that there could be a new, mystery app. Gizmodo thinks it could be an application for creating iPhone apps. This seems possible. It could also let people send their apps to each other without having to put them on the app store, since Apple could control what you use, and ensure it’s safe. That means that anything made with this would be Apple approved. This is a bit less likely, but there is a small possibility. We can expect a new version of iLife soon, and possibly an iWork update along with it, although the rumor doesn’t mention it.
They say this update could be coming on the 17th of this month.