Actually, it's called Auto Awesome, which is a name for the tool used to "create fun extra photos for you." What it does is combine multiple burst images (five or more) to, say, create a motion GIF (pronounced "jif," in case you're wondering) or a brand new photo, such as a panorama.
The newest version also adds:
- Auto Backup
- Related hashtags at the top-right of indvidual posts
- Ability to edit comments and display strikethrough text
- More complete profile editing via mobile, including your cover photo
- Ability to copy a post's permalink to your clipboard
It's quite the update that ups the ante in the photo wars, which is playing a huge part in social media these days. And don't worry if there's a feature you don't like, as any/all of these can be turned on or off in the Settings menu.