I know that there is a way to sort photos by reverse chronalogical order / date descending, but are we able to sort albums in the same manner, and if so, how would I go about doing that?
you can sort albums in any manner you like, using the albums manager (from the admin menu), but there's currently no way to have them sorted automatically, although there's some mod for album sorting that may be changed to do what you request.
GauGau