Apple has just released its promised iPhoto for iOS to the iTunes App Store. The new app, available for both the iPhone and iPad, will allow you to edit  and manage your photos on the go for only $4.99…

Use simple gestures to quickly sort through photos and find your best shots. A powerful set of Multi-Touch tools helps you perfect color and exposure, crop, straighten, and retouch images. Enhance pictures by adding beautiful, Apple-designed effects with just a tap. Or use fingertip brushes to apply adjustments exactly where you want them. In addition to posting photos to Facebook, Flickr, and Twitter, you can beam photos between your iPhone and iPad, stream photos and slideshows to your Apple TV with AirPlay, and use iCloud to publish photo journals to the web to share your stories with friends and family in a whole new way.

You can purchase iPhoto for iOS on the iTunes App Store for $4.99. Sadly, the app is only available for iOS devices running iOS 5.1. We’ll be back soon with a hands-on of the new app.