15-second videos with filters, basic editing coming in new version of app
See, Vine is 6-second videos. Instagram is using 15-second clips. So it's totally different.
All kidding aside, you've got the same overall idea as Vine. Tap to record. Only Instagram merges in some basic editing -- a feature sorely missing on Vine -- and throws in a baker's dozen of new filters to boot. In addition, you can choose which video frame you want to serve as the preview thumbnail.
"It's the same Instagram we all know and love," said Instagram co-founder Kevin Systrom. "But it moves."
Videos will appear in the same stream as still pictures, as well as on the web.
Instagram also announced "Cinema," which stabilizes the video much like YouTube has done for some time now.
Instagram video will be available in Version 4.0 of the app, which as of this writing has not been released.