BEWARE: iCloud Photo Library COMPRESSES your video. Not 1:1 copies.
iOS 8.1. iPhone 6. MacBook Pro Yosemite 'Retail'.
I remember reading somewhere (and possibly hearing during a keynote) that iCloud Photo Library stores full fat video from your iPhone, that being 1080p 60fps. Basically 1:1 copy of whatever is recorded.
THIS IS NOT THE CASE
My 1080p 60fps videos are reduced to 720p 30fps on the iCloud Photo Library website on my mac. They looks like garbage compared to the originals. If I select to download, I get the 720p version. This happens if the phone is set to either 'Optimize iPhone Storage' or 'Download and Keep Originals'.
I haven't tested photos yet to see if they are 1:1 copies, but definitely staying away for now. Granted, it's BETA. But why say it does one thing when it clearly does another?
If this is the intended behavior, then it's a pretty big fail in my opinion. I get that it would take more storage space for 1:1 copies, but that's MY CHOICE to pay for it.
What's really stupid, is iCloud is ALREADY uploading 1:1 copies of everything anyway, during iCloud backup, so clearly it's capable.
Frustrated. I've been looking forward to trying this out too.