We've got some big news in the mobile photo editing and sharing race with the launch of a new app intending to rival the current heavyweight, Instagram. The more interesting news, of course, is that the new app comes from Facebook, who recently acquired Instagram for a whopping $1 billion and has now opted to release a similar standalone app seemingly aimed to compete against it. The app is called Facebook Camera and it will enable Facebook users to share photos more quickly and easily, allowing users to post and view their friends' photos all in one convenient place. Unlike Instagram, users of Facebook Camera can only receive streams of their friends' most recent updates, but many of the same filters and quick-sharing options are there, including multiple-photo uploads, photo tagging and captions, and photo timelining. While it will take a while (if at all) for the Facebook Camera to reach the level of use that Instagram receives, its further proof that competition in this app category only just beginning to get crowded. Currently the app is only for iOS platforms and is free on the iTunes App Store.