Well, while Photos may look good, it surely is sad to lose iPhoto for a couple of reasons:
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Storage. If you don’t use Photos to store you library, then it creates a resources file that is unlinked which can double your disk usage. This makes Photos essentially useless for those of us who want to keep our libraries separate. It is either all Photos or nothing which means you can’t use it with other photo applications like DxO unless you navigate through it’s internal Libraries directory.
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Slideshows are awful. First of all they are so slow to generate. iPhotos is basically instant, but it looks like Photos is doing rendering (with iPhotos, this is a separate Export step). So a 600 photo slideshow on a Mac Mini 2009 takes hours of grinding on Photos but is instant on iPhotos.
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Music appears only if you close the applications. With iPhoto and Photos, it only sees iTunes music that is actually downloaded, it doesn’t support viewing iTunes Match music which lives in the cloud, so you have to download. Second is that Photos doesn’t refresh iTunes music unless you close the application completely and start it up again.
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Music isn’t sortable. Also, it doesn’t seem to know about playlists or albums, so you only get a single view which looks like Artist by Album. Pretty inconvenient unless you know how to search.
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Adding photos to a slide show appears in random order. This is hugely aggravating if you are trying to stay chronilogical. That’s importat for things like travel slideshows (a general use case).
