This is not cool, Apple
I paid for the app during the early years if iOS for iPad. It was a very useful tool for quick photo editing and photo books. When the Cupertino giant decided to make it a free app for newer iOS purchases, Apple should have given a refund to those who paid for it. But now, they are killing the app with iOS 8, and their only solution is to integrate it to photos with some minimal tweaks similar to the ones you get from a thousand other cross-platform photo app these days.
This is a bad move indeed. The iLife experience makes the apple products unique and premium. And the absence iPhoto makes a big difference.