It appears to not be dead after all. Amazing news! From what they’re promising, this will finally resolve the woes of photo management between iPhone & Mac, although we will have to wait for the delivery. I so look forward to being able to install this on my parents Mac and finally they will understand how their photos are managed. The current system of duplicates between iPhone & iPhoto is immensely confusing for the novice user.
I’m holding my thumbs for Apple to deliver on this. It would a huge step forward, and something that is direly needed (seeing that photo management startups are failing like flies).