Ok here is what`s going on. Nothing, everything is as good as designed and planed.

Photo module:

Title field: it DOES show up once photo is added after 0..100% is done. If you add more than one photo, Title field will show up underneath each added photo. ( I didn`t notice that ).

Description field: As @LeonidS has explained... multiple uploader is used where you can add more than one photo. If you add more than one photo lets say 5 photos they will be shown as 5 posts on your timeline so having one description field would not make sense if photos show different stories. Once your 5 photos are published, you can click on each photo then click on Edit photo. There you can see description field for that photo, add description, save it and so on for other ones.

Albums module:

Title and Description fields ARE shown. Adding 5 photos to Album will be shown as one post on your timeline, therefore you can add Title and Description before hitting publish button since title and description are same for that group of 5 photos.

Conclusion:

The best solution would be to change Photo module uploader from "Multiple photo uploader" to "Single photo uploader" if there is one, that is. That way maybe title and description could be added to single photo.

Also lets say a member has 100 friends and/or followers and uses Photo module to add 5 photos. Una (software) will post 5 timeline posts and send out 500 emails, 5 emails to each follower/friend at once. Each friend/follower has more active friends...several friends adding something like this every day...that`s a lot of emails to get as a member, but most importantly our servers would stop sending email due to server plan limitations most of us have (returned email).

Having "single photo uploader" on Photo module MIGHT make members to use Album module for more than one photo (time consuming)... So...5 photos added thru Photo module = 5 timeline posts X 100 friends = 500 emails while adding 5 photos thru Album module = 1 timeline post X 100 friends = 100 emails.

Anyhow, I apologize for starting this tread due to me not noticing Title field and thanks to all who looked into this.