So Craig previewed a Photos app today that's supposed to be out next year.
interested to see if this replaces iPhoto or compliments it.
Some Pics:
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I was thinking about this same subject earlier today and it now appears that Apple has three separate photo apps. It feels like it's getting crowded, but I would like to think that iPhoto will continue to serve a purpose and complement iCloud Photos.
First though, I must say I'm absolutely thrilled that the Photos app is finally coming to OS X. I've been sending constant feedback to Apple begging for separate media apps for a long while now and I'm happy to see them finally doing it. It also seems like a much more elegant approach to what Photostream tried to accomplish, but in my opinion ended up being more confusing to the end user (I still don't understand to this day why I had to take up twice the storage space by saving duplicate photos to the camera roll, and then again locally via Photostream for every single photo I took with my iPhone). Come to think of it, I don't even think a single mention of the name "Photostream" popped up at the Keynote yesterday and neither can I find it on Apple's preview site, so I'm certain iCloud Photos has to be its logical successor.
Anyway, as for iPhoto, it's still the app to go to if you want to actually get creative with your photos with custom physical cards, calendars, and books. But I'm still curious myself as to how Apple will update actually iPhoto in the future to help differentiate it more as a creative app apart from iCloud Photos.