Facebook released their own camera app...Instagram anyone?

Looks like Facebook today released their own version of an instagram app.  It definitely takes a bit from instagram but it is no exact clone.  For better and for worse this app is unique.  It plugs directly into your Facebook and can upload mass amounts of pictures, group them, allow you to tag your friends, and see a picture feed directly from your Facebook newsfeed.  It however does not offer hash tagging.

The user interface is not as well done as instragram and does not offer as many filters for your pictures but you can tell the few that it does have are direct copies of instagram.

Is this the sign of what will become of instagram?  Or will instagram live on as a separate entity?  I believe what we are looking at here is the future of what that instragram purchase was all about.  If Facebook can add some of the refinement found in instagram into this app then it will be a great and more integrated version of what instragram is today.