For anyone interested, I finally got the scoop on this. After calling the main # and the representative not being able to answer any questions (this is my 3rd time calling on different things where the person on the phone couldn't answer my question, I am not super impressed w/ the customer service line, nor with the ability to get information from Disney' website on a number of things)), I got forwarded to a different number where the guy had all the info.
You CAN use your magic band for basic photo pass. You have 45 days to view & download and a jpeg is $14.95 each. Therefore, if you are going to purchase less than 10, this makes sense. (and if you decide you want them all, you can download them for $169).
The only exception to this being a good deal is that you CANNOT use photopass at the dining experiences or rides that have photographers (though some dining experiences include the photo such as Cinderella's castle so that is a non-issue). You have to have Memory maker to get those.
I had trouble tracking down which rides had photography and finally found this website
http://www.disneydining.com/walt-disney-world-memory-maker-101/
It says that the following dining experiences & rides have photography, which is ONLY accessible if you have Memory Maker, not photo pass.
Dining Locations included in the Memory Maker package are: 1900 Park Fare(Grand Floridian Resort), Ohana(Polynesian Resort), Princess Storybook Dining(at Norway’s Akershus Royal Banquet Hall in Epcot), Chef Mickey’s(Contemporary Resort), Cinderella’s Royal Table(Magic Kingdom), Tusker House(Animal Kingdom), Hoop-de-doo Review(Fort Wilderness), and the Spirit of Aloha Dinner Show(Polynesian resort).
Attraction photos included in the Memory Maker package are: Splash Mountain, Space Mountain, Buzz Lightyear Space Ranger Spin, Tower of Terror, Rockin’ Roller Coaster, Expedition Everest, Dinosaur, and Test Track.
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So for me, going only 3 days and having a reservation at only 1 of those dining experience and likely riding only 1-2 of those rides, it doesn't make sense to get the $150 package when I'll probably end up only wanting like 5 or 6 photos.