While the stock Camera.app in iOS lacks many basic functions, applications in the App Store and Cydia usually do a good job of filling in for the missing features.
There are apps that allow you to take panoramic photographs and there are even apps that will automatically stamp your pics with the time and date. Well, word on the street is that another tweak is on its way to Cydia, and it's bringing some interesting photo-taking features to the stock Camera app...