Launch image or launch xib / storyboard?

launch XIB and launch storyboard does not work in lower versions than iOS 8. If your deployment target is lower than iOS 8, you should use launch images in different sizes. Check this question:

Please note that you can also use a regular, "single" XIB file instead of a whole storyboard if you like. I think the Xcode 6 project templates use XIB files for that purpose.

Unfortunately, if your app is also targeting older versions of iOS (even iOS 7), you'll have no other option than also including launch images for all iPhone devices (except iPhone 6, which doesn't run these versions of iOS, obviously). This is a pain, but Apple made the right move by providing this new feature for future developments.