"Forget about the AAE files for now.
When importing photos from iOS 8 to your Mac:
– Importing them with 'Image Capture' will give you the original photos
– Importing them with 'AirDrop' will give you the edited photos.
So you can have both versions on the Mac should you so desire."
This is not my experience.
i have a number of photos on my iPhone and until recently when importing to my Mac I was able to import the photos to any folder of my choice where they would show up as jpegs. Now, unless I import to Photos I only get the .AAE file, but Photos is useless to me as it won't allow me to access the jpeg I can only "share" to a variety of destinations. I have never used iPhoto, and I've no real use for Photos either; I prefer to maintain all photos in an indexed hierarchical folder structure rather than use "library" apps.
Either there is something wrong (I am using the latest public beta of Yosemite or this is another example of Apple taking control of something away from the user, which is the way they seem to be heading now.