This seems logical, especially in light of the Aperture news, but I'm not so sure -- all references to the new Photos app, including the demo at WWDC, refer to

This seems logical, especially in light of the Aperture news, but I'm not so sure -- all references to the new Photos app, including the demo at WWDC, refer to it as a viewer for your iCloud-stored photos. It's possible that instead of cloud storage being an option added to iPhoto, it is being re-designed as the primary use case, with your Mac as just another iPad-like device that may occasionally cache some local copies of photos as needed. I understand that from a practical point of view in 2014, but I think I'm philosophically against it.