I had this issue too and just found a way to fix it. Sorry if this is old news. I'm running OSX Yosemite 10.10.5 and my Photos app worked fine until recently, when it just showed placeholders for the IOS pix I was taking, but not showing the actual images. Logging in to iCloud and clicking the Photos tab showed all of the photos, so they're floating around somewhere, just not in the Photos app.
From the Photos app, I went to Preferences, then:
Under the "iCloud" tab, I saw the message "Downloading XXX Items" (showing no progress on the bar) and next to it a button that says "Pause for one day". I selected that pause button two times (to pause and resume), and the downloading immediately resumed, revealing the images in the Photos app.
Hope this may help someone else having this issue.
Cheers!