Just updated to version 1.7 this latest edition to Instagram has some great new features, read what’s new in this update below, then get downloading the update.
What’s New

Grid / List Photo Views: Switch between grid and list views of photos on user profiles as well as on location and tag pages.
Profile Bios: Go to a user’s profile to view their 150-character biography. You can edit your own by tapping Profile tab > Edit profile.
Import Profile Photos from Facebook/Twitter : Use your Facebook or Twitter profile photo on Instagram by tapping Profile > Change profile picture > Import from Facebook / Import from Twitter.
Additional Settings for Push Notifications: Tap the Profile tab > Edit Profile > Push Notifications to edit your notification settings. You can now choose to receive like and comment notifications from everyone or only from the people you follow. Note that Push Notifications for Instagram must be turned ON in the Settings app for these additional settings to work.
More clear when geotagging is turned on: In addition to the green map marker, "Geotagged" will appear in the Where? field if location is turned on. This means that the lat/long of your current location will be tagged with the photo. Just tap the green map marker to turn off geotagging.