I gave this a lot of thought before posting. I've concluded that it doesn't make a whole lot of sense to have albums for an event. It makes a lot of sense for groups considering that it may be an ever lasting entity. An event is typically a single day or a few hours. On my niche site, I have events that can last up to a week long! But even then it still doesn't make sense to have "albums" considering that everyone will have their photos go into a single location.

What makes more sense is for it to be unified under a single album for that event where people submit photos to. This will make less clicking, less un-needed data, and be all in one place. Think about it, people won't be creating several albums for a single event. That doesn't make a whole lot of sense. With groups however it certainly does.