Using CVS (or 0.2.1) gives you the following
> ./f-spot --help
> Usage f-spot [OPTION. ..]
>
> --import [uri] import from the given uri
> --view <file> view a file or directory
> --basedir <dir> <dir> where the photo database is located
> --photodir <dir> import photos in <dir>
> --shutdown shutdown a running f-spot server
> --slideshow display a slideshow
> --debug run f-spot with mono in debug mode
> --help view this message
>
Observe the --photodir and --basedir options.
I agree, this should be on the wiki now
/Bengt