My library is 42,044 photos, 518 videos, 543.65 GB On My Mac. This is my System Library. It is set to Download Originals.
Or, 42,045 photos and 518 videos, 398 GB in iCloud. The iCloud library is smaller because it does not have the Faces data, as others have mentioned.
I have had lots of trouble with iCloud, as you anticipate you might. I have been hesitant to reply, because it seems each time I compare Photos On My Mac and Photos in iCloud, they are different, in different ways. Differing counts of photos, videos or the sum of both, and varying file size. When the System Library is set to a different photos library on my Mac, a re-sinch to iCloud happens. Synching to iCloud takes about 5 days with 75/75 FIOS. During the re-synch Photos says "Uploading to iCloud", but as others have noted it seems there is no network traffic. What does happen during this five days is video reformatting, which takes 60% or so of my total cpu time. This reformatting happens even if the library had been synched, and I turned it off then back one as system library. An example of how this seemingly unnecessary reformatting can come up is if for backup you have spare local copies of your System Library. When you copy your System Library, then set th copy to be the System Library, five days of reformatting begins.
Another thing to know is when Photos Preferences says "Download Original To This Mac", that is what it is going to do. Photos On My Mac is my main use of Photos. I upload all my new photos to this System Library, it then synchs with iCloud, then iCloud synchs with my laptop and phone. I am not certain, but it seems to me that the photos upload to iCloud, then download back to my Mac.
About two weeks ago everything was in good shape. Photos On My Mac and in iCloud had the same count of photos and videos, both reported to be synched. My startup disk failed overnight. Photos library was on a different disk. The way the failure happened is everything was fine at night and I shut down. On start up the next day the startup disk could not be read. So I started from a different Startup Disk, running the same System version. From this disk I chose my Photos System Library, which the night before had been in good condition and synched with iCloud. Choosing from a different System Disk triggered a re-synch. I thought that since the five day re-synch was going to happen, just to be careful I would run Repair Library. I had not run this in maybe six months because I avoid the long re-synch. During that time OS X had been updated, so I figured there was a chance that Repair might find and fix issues which had been discovered. Repair Library ran, the re-synch ran, and ever since the System Library OPn My Mac has been missing about 200 photos that were added to the library last May. These photos are in Photos seen in iCloud Safari, the are in Photos on my MBP, they are in Photos on my iPhone. They are not in the System Library where they were originally uploaded. I have run repair Library twice on this library, and each time let the face day synch with iCloud complete. The place holders are present, no images.
The System Library which synchs with iCloud is accessed where users cannot see what is going on by Apple System services of some kind. This is also where other apps such as iMovie, Power Photos and Duplicate Annihilator for Photos access your photos. The authors of Power Photos and Duplicate Annihilator have both cautioned their users that problems with system services may lead to problems with those applications. I have seen what I think is the same issue with iMovie. Sometimes it has access to The Photos System Library, sometimes it does not. Since iCloud probably accesses your System Library, I suspect there may be problems.
Unless you have some urgent need, based on the experiences reported, and the large amount of time this has taken, I recommend you keep your photos away from iCloud.