Instagram just announced yet another update but this one's pretty good. First, Android (Ice Cream Sandwich)  Instagram finally gets video, pairing it closer to the iOS version of the app. But there's more, too.

Recent Videos

Both platforms no longer have to shoot-to-share; videos can be imported from your library, trimmed and square-cropped -- you get to choose where it's cropped, with the new, built-in edit/crop feature.

With the latest update, you can select and share videos from your media library.
A new editing function allows you to trim and square-crop your videos before sharing it with other Instagrammers.

iOS users also get a new straightening tool for still photos. Instagram will automatically straighten a photo taken with the in-app camera with a tap of the Straighten icon. If your horizons are off-kilter in other images, you can pull them from your media library and, using a slider, tweak until they're level.

Skewed horizons are not uncommon but iOS Instagram v. 4.1 can now automatically straighten images shot with the in-app camera.
Crooked horizons from any still image in your media library can be leveled manually with the new Straighten tool's slider in Instagram v. 4.1 for iOS. 

Instagram v. 4.1 should be available momentarily for download for iOS and Android