Lots of app related news lately – this one is about Apple’s new iPhoto app.

The new app was released just 10 days ago and has already accumulated over 1 million users, according to The Loop. The app was released along with the release of IOS 5, and costs $4.99 at the App Store.

IPhoto has been out for the Mac for some time now. The lack of a similar app has led, in part, to the popularity of apps such as Instagram, which we reported on yesterday. Instragram is preparing an Android version of their app. Maybe just in time to if they are going to have to compete with Apple. Though the two apps don’t completely overlap, they do have features in common.

The iPhoto app allows users to use their touchscreens to edit images, apply filters, and organize photos into ‘journals’ that can be shared online. The photos can also be shared easily through Flickr, Facebook and Twitter.