iPhoto has been the neglected stepchild for many years now, so I wouldn't be surprised to see it put out to pasture when Photos comes. Aperture may become the new neglected stepchild; it already seems to lag behind Lightroom.
I certainly hope the final version of Photos is much more than the iOS port we saw briefly today. At a minimum, it needs to share libraries like iPhoto and Aperture can; I like that I can organize in iPhoto while doing more serious editing in Aperture. I'd also prefer to keep the event-driven organization of iPhoto, rather than the Years / Collections / Moments junk. Smart albums are a must. Geo-tagging, keywords, more...
Of course, there is so much room for improvement in what iPhoto currently does, but I wouldn't expect an all-new app to even implement half of it, let alone improve on it. If Photos v1 can have most or all of the above implemented and usable, maybe it won't be half bad. But I'd be surprised.
Is iPhoto app part of iLife suite? If so, I doubt Apple will ever replace it and Apple might want to keep both for the sake of novice and pro users and pricing.
Is iPhoto app part of iLife suite? If so, I doubt Apple will ever replace it and Apple might want to keep both for the sake of novice and pro users and pricing.