Rather shocked to find my own photolog listed in the forums I frequent.
But yes I use MovableType for my photolog, and have done so for some time.
There are developments in MT, namely an MT Pro, which will incorporate photologs as standard templates. You could try out the functionality by using Typepad, a blogging tool currently in beta. It showcases some of Ben and Mena's developmental work.
If you need any help making a photolog with MT, I'd be more than happy to help write a tutorial or something.