In my experience you can set up memories for the same emotions that we had at the start, but instead of using 1 photo and picking whatever type of memory you want and changing it whenever you want, you now have to have a separate memory photo for each emotion, more realistic I suppose but also more annoying.
I used to have 1 photo per family and switch between all the available emotions using it, now you have to take a photo when a sim is in the correct mood to make a mood memory. A flirty photo can no longer be changed to an inspired/angry/sad one and sims have to be flirty to make it.