I understand, that for Photos the new structure "Photos Library.photoslibrary" gets created, which doesn't contain the master photos and previews (these stay where they are: in the original Aperture library now called "Aperture Library.migratedaplibrary").
It looks confuing because of the way hard links are working. That is very different from referenced image files.
A hard linked file is an exact copy of a file. It looks like the original file, and has the same file size, and you cannot tell which of the two files - the original or the hard link is the original. But the two files are stored on the same blocks on the disk. They are sharing the inode in the file table. That is why the Photos library and the original Aperture library seem to be containing the same images and are having the same size on the disk. Hard links are not references. You can delete the original file and the hard link will keep working. But deleting the original will not free any storage, until you delete the hard lined file as well. Only then the blocks on the disk will be released.
To convince yourself that the two libraries are hard links, check the inodes of the master files in the Terminal:
See: Six Colors: The (hard) link between Photos and iPhoto
If two files are hard linked, the inode numbers will be identical, when you list the file with the ls -licommand in the Terminal:
For example, looking into the packages of an new migrated Photos library and the original iPhoto Library. Everything looks duplicated with the same size:

The Terminal is showing this, when I type "ls -li " into the Terminal and drag one of the master files behind this command:
Hermione:~ dreschle$ ls -li /Users/dreschle/Pictures/Photos\ Library\ 2.photoslibrary/Masters/2015/05/28/20150528-184932/IMG_0966.JPG
39167952 -rw-r--r--@ 3 dreschle staff 1283723 25 Mai 12:00 /Users/dreschle/Pictures/Photos Library 2.photoslibrary/Masters/2015/05/28/20150528-184932/IMG_0966.JPG
Hermione:~ dreschle$ ls -li /Users/dreschle/Pictures/iPhoto\ Library.migratedphotolibrary/Masters/2015/05/28/20150528-184932/IMG_0966.JPG
39167952 -rw-r--r--@ 3 dreschle staff 1283723 25 Mai 12:00 /Users/dreschle/Pictures/iPhoto Library.migratedphotolibrary/Masters/2015/05/28/20150528-184932/IMG_0966.JPG
In both libraries are the files listed with the identical inode number 39167952, meaning they are linking to the same physical file in the file table. For the Finder both files are separate, regular files and so it is reporting the size twice.
When I compared the used space on my hard drive right after migrating the test library with 40 photos, the used storage had not been increased much:
