Facebook working on secret photo sharing app?

I looks like Facebook is working on a massive photo sharing application for the iPhone. TechCrunch got their hands on documents, photos, and screenshots outlining the features: location elements, likes, comments, multi-picture mode, filters, multi-user albums, face-tagging, and more. They say it's almost like a mashup of Instagram, Color, Path, and Path's upcoming With. And though it might seem to be a reaction to iOS 5's new Twitter integration, they say it's been in development for a while now.

Since Facebook has nearly 1 billion photos stored to their service, it is reasonable for them to create an app with a focus on photos. It's unclear whether this new app will be separate from the current Facebook app, a complete overhaul of the current app, or some combination of the two. What we do know is that Facebook is working on a photo sharing app - and it's huge.

Check out all the pictures via the link below. All I ask is that this new app be a lot less buggy than what Facebook currently has available. What about you? Excited?