They will keep iPhoto alive until Photos releases early next year.
iPhoto looks horrible on Yosemite anyways like it always has on any OS X release to be honest.. I wonder if they will keep the iLife name for the suite with iPhoto being taken away, considering iWork and iLife has always contained 3 apps.
iLife used to contain a couple of other apps, including iTunes, the web design application, the DVD authoring app, I believe...