It’s important to be clear that Instagram is not going away. We’l [sic] be working with Facebook to evolve Instagram and build the network. We’ll continue to add new features to the product and find new ways to create a better mobile photos experience.
Zuck had the same sentiment in his announcement:
We’re committed to building and growing Instagram independently. Millions of people around the world love the Instagram app and the brand associated with it, and our goal is to help spread this app and brand to even more people.
For one, I see that Instagram figured out how to make money. Secondly, it will be interesting to see how the app and its network change over the coming months. Thirdly, this certainly adds more gas to the rumor-fire that Facebook is building something mobile and that they want it — whatever it is — to look beautiful.