Instagram just announced:

Today, we couldn’t be happier to announce that Instagram has agreed to be acquired by Facebook...It’s important to be clear that Instagram is not going away. We’l be working with Facebook to evolve Instagram and build the network. We’ll continue to add new features to the product and find new ways to create a better mobile photos experience.

The Instagram app will still be the same one you know and love. You’ll still have all the same people you follow and that follow you.You’ll still be able to share to other social networks. And you’ll still have all the other features that make the app so fun and unique.

Basically, this means that those crappy layer effects on top of boring photographs are never, ever going to go away.

UPDATE: The AP just tweeted that Facebook spent one billion dollars on Instagram. Holy shit.