When you fire up iTunes 12.01.126 and you go to settings/Photos there is a statement that the Phone will sync with iCloud. There is no option to sync with iPhoto.
With the 4S when you go to settings you have a check box which says Sync Photo's from (dropdown box) iPhoto and then you can select all photo or Select Albums and have a check box to include videos. All this is missing from iPhoto.
Here is a screen shot of the iPhone 6 settings
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And here is the original iPhone 4S settings
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You can clearly see that there is no option to sync photos from iTunes. First you have to upload everything to iCloud and pay your storage charges, then you have to download them all again to you shiny new iPhone6.
Madness.
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I hope I make sense now!