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?
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Former app and photography editor at iMore, Leanna has since moved on to other endeavors. Mother, wife, mathamagician, even though she no longer writes for iMore you can still follow her on Twitter @llofte.