Bit late to this particular party but let's try and clarify some things:
1 they are no longer supporting IPHoto! so you can't update the program
Incorrect. They are no longer developing the application. That's not the same as support. They continue to support it and yes, if you have a version of iPhoto 11 already then you can indeed update it.
Go to the App Store and check out the Purchases List. If iPhoto is there then it will be v9.6.1
If it is there, then drag your existing iPhoto app (not the library, just the app) to the trash
Install the App from the App Store.
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Sometimes iPhoto is not visible on the Purchases List. it may be hidden. See this article for details on how to unhide it.
http://support.apple.com/kb/HT4928
One question often asked: Will I lose my Photos if I reinstall?
iPhoto the application and the iPhoto Library are two different parts of the iPhoto programme. So, reinstalling the app should not affect the Library. BUT you should always have a back up before doing this kind of work. Always.
So you can continue using iPhoto if you prefer.
As for the capabilities of Photos:
It has more powerful and more varied eating tools than iPhoto. It has pretty much the same organisational tools - not quite the same and the paradigm is different (Moments v Events) but the real organising too - Albums, Smart Albums, Keywords and so on, are pretty much the same.
Some other points:
2. With iPhoto I was able to head each entry of photos using TEXT. I gave every batch of pictures an identifying heading followed by the date.
You can do that with Albums in Photos, like you could with Albums in iPhoto.
3. With iPhoto I could put text underneath every photo. Basically, my pictures in iPhotos became diary entries.
Yo can do that with Photos too.
4. With iPhoto I could easily move photos from their original position into different areas. That made it very easy when I gathered photographs to make a book for this same grandchild. These photos all went into a single heading which was the name of her story... "The Little Chestnut."
Which is exactly what Albums are for, and in both applications
But the point is that you don't have to change. Stick with iPhoto if you want to.