Q: Difference between Events and Albums in new Photos

Events were automatically created in iPhoto. Your events were migrated into albums in Photos. There is no automatic creation of events in Photos. The Photos Moments view replaces Events. Your photos are sorted by the date of the photo.

Your PhotoStream photos will still be imported automatically, but no automatic albums will be created. Yes, if you want monthly albums, then you have to create them.

There are no events in Photos - only albums and folders and moments

When you converted to Photos your iPhoto events were converted into albums and are in a folder iPhoto albums

You can not manually manage Moments - it is all automatic - you can still do what you want with albums and you can impute events by going to last import after an import, selecting al and creating an album - but for now you can not merge or split albums easy (you can select photos and move to another album

LN

You might want to hold on to it for a while just in case. If you have the latest iPhoto app, it's still in your application folder and you can still use it.

But, that's up to you.

Totally up to you - there is not much point in getting rid of it since it will not save much space  --  Photos saves disk space by sharing images with your iPhoto or Aperture libraries - Apple Support  --   and once it is gone you have no possible way to go back if you want to

So I suggest not but i you want go ahead just be away that you have cut off any ability to ever go back

LN

Moments in Photos are the new Events, i.e. groupings of photos sorted by date taken.

When the iPhoto Library was first migrated to Photos there was a folder created in the sidebar titled iPhoto Events and all migrated iPhoto Events (which are now Moments) are represented by an album in that folder. To open the sidebar if it's not already open use the Option+Command+S key combination.

There's a way to simulate events in Photos.

When new photos are imported into the Photos library go to the Last Import smart album, select all the photos and use the File ➙ New Album menu option or use the key combination Command+N.  Name it as desired.  It will appear just above the iPhoto Events folder where you can drag it into the iPhoto Events folder

 

When you click on the iPhoto Events folder you'll get a simulated iPhoto Events window.

The downside to the simulation is that the Albums/Events can only be sorted automatically by Title. But they can also be sorted manually, either in the sidebar or in the folder's window at the right.

Ask Apple for more sorting options in Photos via https://www.apple.com/feedback/photos.html.