This was done with iPhoto as a 11x8.5in softcover spiral bound book with the Photo Essay theme.
Now it's my iPad that is propped up on the counter instead of a cookbook. I keep all of my recipes in an app called Paprika, which enables me to download and personalize recipes from the web or enter them myself. This is a great help in the kitchen as it will scale any recipe to different sizes and I can forward them to friends by email.
My daughter moved into a new apartment this year and I wanted to create a cookbook of our favorite recipes. In Paprika, I have the option to print each recipe to a PDF in iPhoto. It took about 10 minutes to gather all the recipe 'photos', then it was very easy to pop them into one of the regular iPhoto themes.