Instagram’s jaw-dropping $1 billion price tag became a lot more understandable on Thursday with the release of Facebook Camera for iOS. The app — which was in development before the social network made its offer to buy Instagram about six weeks ago — gives us a glimpse at how Facebook was planning to compete against the young mobile-first startup.

The app’s claim to fame are photo filters, which should — in theory, at least — make your photos look more attractive, but we’re not too sure Facebook Camera can compete with Instagram, whose filters are arguably much better. In any case, it’s a win-win situation for Facebook which owns both apps, and it can choose whether to push them both at the same time, merge one into the other or completely abandon one and put all its photo-nicefying eggs in one basket.