Can I recover all my photos?
Worth saying that if iPhoto is open when Time Machine is trying to do a backup it won't back up the iPhoto Library properly as iPhoto keeps a hold on some of the library. We discovered this the hard way when one of our Mac's that was used primarily for pictures developed two hard drive faults within a couple of weeks and we lost a whole load of pictures because Time Machine had not done a complete backup.

In order to ensure that you get a complete backup from Time Machine you need to make sure all your apps are closed at least from time to time.