Always best to wait for version "%d.1".
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If this is the case, I don't really want to update ever. I just want a camera roll, no iCloud stuff.
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Camera Roll + PhotoStream = Recently Added
This was not explained very well, thus the confusion. When iCloud Photo Library is out of beta, PhotoStream will no longer exist. All photos will be automatically uploaded and stored for cloud access on all of your devices (think unlimited PhotoStream).
If this is the case, I don't really want to update ever. I just want a camera roll, no iCloud stuff.