Thinking positively for a moment, I could imagine that Adobe did this double-install move to make sure people don't lose any functionality in the new version that they absolutely rely on - it has happened before. So I suggest we all have a quick root around and make sure no vital features have been dropped.
But I agree this is not what CC was supposed to be ... I now have 3 versions of Premiere Pro appearing in the Creative Cloud app management thing: CS6 because that's the only way to keep hold of Encore, CC and CC2014. 3 for the price of 1! Fantastic
Hope someone can shed some light on the reasoning behind this over the coming days. Alternatively, provide a fix