Intagram for iPhone received a massive update to version 2.0 today. This adds, amongst other features, 4 new filters, 10x higher resolution, live filters, and a borderless option.

Here is a description of what the new features do:

Live filters – so fast, we let you see them live
See the world through Instagram’s stunning effects before you even snap a photo. Simply select a filter, hold the camera up to the scene and see the world through Instagram’s visual effects. We’ve re-written your favorite Instagram filters to be over 200x faster so even after having taken a photo, switching between them takes no time at all.

Four new filters
You’ve asked for more, and we’re excited to provide four brand new filters: Amaro, Rise, Hudson, and Valencia. With these new filters, we continue the trend of turning regular photos into beautiful snapshots. What’s most exciting to us is that we’ve teamed up with @colerise, an extremely popular Instagrammer, to produce these new effects. Keep your eye out for more collaborations to come.

Instant tilt-shift
Selective blur over 100X faster than before. Pinch, pan and rotate tilt-shift to give your photos unparalleled depth of field with live preview included.

High-resolution photos – 10x larger than before
Clarity and detail with every shot. By far, the most requested feature from both pros and amateurs alike, we’ve increased our photo size from 612×612 to 1936×1936 on the iPhone 4 (1536×1536 on the iPhone3GS). You’ll capture beautiful moments in all their detailed glory.

Borders now optional
The creative flexibility you asked for. Turn every filter’s border on or off to fit the mood and aesthetic of the scene.

One-click rotation
Easily rotate photos within the camera. No more sideways photos. Use our simple controls to make sure you’ve got the right orientation every time.

New icon
We updated our app icon! It’s the same look, but with more depth and dimension.