Only a few hours ago, we reported on a rumor/speculation about iPhoto making its way onto the new iPad, and it looks like it panned out. iPhoto for iOS has officially been announced and will come with support for photos up to 19MP, new gestures, editing, and will even allow users to beam photos from one device to the other along with the creation of photo journals. In one example, it seems that double tapping a single photo will compare and find photos on your device that are similar.

It will also come with a host of editing tools, such as the ability to resize, add filters and effects (i.e. black and white, vignette, tilt-shift, watercolor, etc), image correction in the form of sharpening, softening, darkening, and a “Repair” tool which we can’t be 100% sure of what it does at the moment. White balance for your photos can be further edited simply by tapping the area of the photo that you want the white balance to match. Similar gestures can also be used when attempting to adjust the photo’s exposure and to tweak its saturation.

For those concerned about geotagging, iPhoto for iOS will also come with a map that grabs geotags, and even a weather icon that will help you figure out what the weather was like. For those interested in getting their hands on iPhoto for iOS, you will be pleased to learn that it will be available today from the iTunes App Store for $4.99.

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