Apple, moments ago announced iPhoto for the iPhone/iPod touch and iPad. The new universal app will be priced at just $4.99.

iPhoto for iOS includes many of the photo-editing tools available on the desktop in iPhoto ’11, such as straightening and resizing and a red-eye removal feature.┬áiPhoto for iOS also includes a bunch of different brushes to repair, adjust contrast and saturation and sharpness. Finally, the app comes with a number of photo effects templates that will remind many of Instagram.

Our favorite feature has to be photo journals, which allows users to create virtual photo albums, along with notes and text. Users can even add elements such as maps and weather to events, which also looks cool. Each journal can then be published to iCloud or iTunes.

Full features include:

  • Smart Browsing
  • Multi-touch Editing
  • Professional quality effects
  • Brushes
  • Photo Beaming
  • Photo Journals

 

We’ll let you know when iPhoto for iOS arrives in the App Store.