TechCrunch's revelation of certainly had the tech world abuzz several weeks back. The company is apparently going after Instagram, Path, and Color all at once with its offering, while aiming to make its photo experience that much more social.

Conflicting information seems to now exist as to whether Facebook plans to make this a standalone application or integrate it into the current Facebook application. Again, this all seems dependent on Project Spartan's progress.

Popular speculation about what's happening on Wednesday suggests a partnership with Skype for video chat. This makes some sense; the chat service not too long ago, and Microsoft and Facebook over the past several years.