From Shared itunes account to ios 8 Family Sharing

In my family everyone has his/her own icloud account for sync and backup and we all use a common i tunes account so we can use one credit card and share bought apps music etc..
Now that ios8 will come, with family sharing, how will this work?
if i set the shared itunes account as the main account, i'll "loose" one of the family members (me) as i have a separate icloud account. i don't want that. is the solution to move my icloud account to the former shared itunes account?
also, will ios 7 users (i.e. with iphone 4) be able to be included in the new family sharing?

As far as I know this is the only info that Apple have so far released about Family Sharing : http://www.apple.com/ios/ios8/family-sharing/
It's not clear to me from that page how you will be set up e.g. whether in your case you could set up the shared iTunes account as the 'organiser' account and then use that to invite each of your own cloud accounts into it. It may be a case of waiting until further details are released later this year.
I'm assuming that a device will have to be on iOS 8 to benefit from it - the bottom of that page includes :
Some features require iOS 8 and OS X Yosemite. Some features require a Wi‑Fi connection. Some features are not available in all countries. Access to some services is limited to 10 devices.

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