We have some hot news today of a new mobile app intending to rival the massively successful Instagram. You may be surprised to hear the new app comes from Facebook who recently acquired Instagram for a whopping $1 billion and has now opted to launch a similar standalone app to seemingly compete against itself! The app is called Facebook Camera and it’s for iOS devices at present.

Facebook Camera will enable Facebook users to share photos even more quickly and easily and users will be able to post photos and see their friends’ photos in one convenient place. News of the new app came to us from iPhone Rumors who point out that maybe the $1 billion already spent by Facebook for Instagram will prove to be a worthwhile investment considering the technology gained.

The Facebook Camera iOS app is free and compatible with iPhone 3GS, iPhone 4, iPhone 4S, iPod touch (4th generation), iPad 2 Wi-Fi, iPad 2 Wi-Fi + 3G, iPad (3rd generation) and iPad Wi-Fi + 4G running iOS 4.3 or later. The app feed shows nothing but photos so it’s easier to head straight to what you want and it also allows the user to post several photos at once. Features also include crops and filters and users can also tag friends, add captions to images and look at photos in other apps. To find out more or to download the app head to iTunes here.

You can also check out a video below this story about the Facebook Camera iOS app. This app looks extremely promising and we wonder if it will achieve the huge popularity of Instagram. Given Facebook’s massive user base it does seems possible. We’d like to hear your thoughts on Facebook Camera for iOS. Will you be downloading it straight away? Maybe you’ve already had an initial look? If so are, you impressed (or not) with what you’ve seen so far? Let us have your comments about Facebook Camera.