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myAlbum-P is not a new version of myalbum.
But the structures of both modules are fully compatible.
(This makes an upper bound of the features as photo album module)
You can try myAlbum-P at ease, because this module don't any destructures of photos or tables by installing only.
Only you have to do is updating module and set proper name of directory storing photos and thumbs in preferences. (normally in myalbum1.1.x: ..../modules/myalbum/photos, ..../modules/myalbum/photos/thumbs)
If you are using myalbum 1.0.x with XOOPS 1.3.x,
comments should be converted into xoopscomments table at first.