As of November 2 upgrade, the ACS Network functionality for photo albums has been replaced with Image Collections.
Photos will now be required to exist into a Forum or Group. There will be a link in that space's navigation that says "Images".
This area of the group of forum will allow for up to 30 Collections of Images. This is very similar to the photo album functionality the Network previously had, but it works a little differently.
Basically, you can filter the images via tag, category, or author.
Once you filter (1), you will see the "Save the collection" (2) button. You have the flexibility to allow a photo to exist in more than one collection. You can then share this collection of photos.
The beauty of the new site is that images can be added in bulk -- I just added 46 images at once as a test. When I upload them, I made sure to tag them. If I don't remember to tag them when I upload them, no worries -- I can select and tag them with the bulk content manager. When I am done, I then designate them as a collection. The new photo view is definitely an improvement over photo albums.
This sounds all great, but there is one caveat. We are still working out how to convert current albums into collections. We are looking into various options, but we are committed to getting your content moved over. I hope to be able to update this post in a few days with a definitive plan.
If you have any questions, please feel free to comment on this post.