I agree with the masses: iPhoto was certainly showing its age. It was either time for Apple to release a massive update or replace the application. While I have only used the new Photos app on OS X for a few days, I certainly feel that it is a step in the right direction (I do not know what Aperture users have to say about this, but I am not an Aperture user so I cannot weigh in on that discussion). The new Photos application launches at lightning speed on my late 2011 Macbook Pro compared to iPhoto.
But I just have one question to ask: why is it when I drag and drop an image out from one of my photo albums to somewhere in Finder, I always get a .jpeg? I have been working on a new Mac application, and I had some image resources for the user interface saved in one of my iPhoto albums (now migrated to the new Photos app). When I drag out an image in Finder, the file I get always seems to be a jpeg? Does anyone know, if there is some hidden preference to change this behavior (if so, hit me up on the contact form). If I go back to iPhoto, open up the same album, and drag out an image in Finder I get a copy of the image that matches the original format.