"Apple introduced a new Photos app during its Worldwide Developer Conference . . . " is how the article dated 6-27-14 from the Loop begins. Ward Stanke sends this article that goes on with some details mentioning iPhoto, and is followed with 256 posted comments. Take a look.
Here John Carter jumps in with his observations. "I am very happy to see this coming. The iPhoto app has not been as powerful as I would like it to be. Aperture also misses the mark. I fully expect that the new Photos app will be at least as good as Elements (layers, etc). A much better search feature also has to be included for iOS. Slideshow need to be available across all devices with a view only capability for sharing. Same for photo Books. We shall see."