I'm waiting on new info concerning photo mode. Corey has said he wants to include it but only if they can do something 'cool' with it. Hopefully it will be there at launch but I wouldn't mind betting it will be via a patch, which is a good way of re-promoting a game post launch.
GOW games alway had really epic set pieces you transitioned through where the camera zoomed out and you got to appreciate the scale of things. I can imagine if they still have parts like that it will be awesome for photo mode.