Photobucket is a huge social image site that lets you upload, manage and edit your pictures as well as share and host them on other sites. This iPhone app makes the experience mobile.
Photobucket lets you add photos to your online albums easily, and now features geo tagging, so your viewers will be able to see where the picture was taken. You can upload to your account straight from your phone, although there are few additional options, like basic color balance or editing.
You can, however, turn any picture into a joke with the 'insert-a-face' feature, which has cut outs of babies and other things that you can insert a face from you photo. That's very basic, and seems to be a silly afterthought in Photobucket.
There are lots of images you can browse on Photobucket, and this is the best designed part of the app. If you're looking for a wallpaper, or simple enjoy browsing photos, there's a lot to see in Photobucket.
Photobucket is a functional photo app, but it doesn't really do anything new, and is missing more advanced editing tools.