And all thumbs are shown clipped to portrait format, even the landscape photos. The only thumbnail shown with the correct aspect ratio is the currently selected one.
All photos in the screenshot below are landscape photos, but are displayed clipped as portrait photos with half of the photo missing:

I really like to have a filmstrip below the photos like the split view in Aperture, but it should show the photos in a decent size, and with metadata badge overlays.
I experimented a bit. The height of the panel with the filmstrip seems to be stored in the com.apple.Photos.plist in ~/Library/Preferences.
There is a variable IPXEditorThumbnailBrowserHeight . Initially this variable seems to be set to 50, and by extending the panel we can increase it to 100, but not beyond.
It is possible to set a new default for this height:
- Quit Photos, if it is running.
- Launch a Terminal and paste
defaults write com.apple.Photos IPXEditorThumbnailBrowserHeight 100
into the Terminal.
- Log off and on. Now Photos will always launch with the thumbnail panel at this height. Any default larger than 100 will be ignored.