The disk which comes with your mac does contain the ilife 08 application on it. It also comes with the other bundle apps such as iwork and so on. If you need help with the install read the mac OS X install post here:http://forums.cnet.com/5208-6126_102-0.html?forumID=10&threadID=284664&messageID=2708932. So you have nothing to worry about.
I just bought a new Macbook with Leopard. This Macbook came with iLife installed on it. I wanted to know if I did an erase and install with the two Leopard install disks (that came with the Macbook) on this Macbook, would iLife install back onto it as well with the bundled software? I took a look at the install disks and it doesn't say what the bundled software is. It just comes up as "bundled software". Is iLife on the Leopard install disks that came with my Macbook? Or was it put onto the Macbook with no backup whatsoever? I have been told that there is no backup for iLife in new Macbooks that have it installed already but I'm confused as to why Apple would put iLife in their Macbooks but not give any backup disk for it.