Facebook announced Video for Instagram today.

The new Instagram feature is very similar to Twitter’s Vine app. With a few key differences.

1. Video length: Instagram Video is up to 15 seconds. Vines are up to 6 seconds
2. Looping: Vine yes, Instagram no.
3. Autoplay: Vine yes (mobile and web), Instagram sort of, autoplay on release of touch for mobile, no autoplay for web.
4. Embedding: Vine yes, Instagram no.
5. Editing: Very similar for both. Instagram lets you delete segments instead of starting over. Though it looks like Vine’s editing is about to get more options.
6. Filters: Vine no, Instagram adding 13 new video filters.
7. Stabilization: Vine no, Instagram yes (it is called Cinema).
8. Cover Frame Customization: Vine no, Instagram yes.
9. Members: Vine 13 million, Instagram 130 million.
10. Parent Company: Vine has Twitter (225 million monthly actives), and Instagram has Facebook (1.1 billion monthly actives).

Vine seems to have a few edges. As does Instagram.

But the biggest edge is likely the 130 million monthly active users already using Instagram and the 1 billion+ actives that their mother ship lays claim to.

There are clearly two very interesting video apps now for mobile. Two competing apps. Both closely tied to social.

In the end, the user wins, as both Twitter and Facebook are now committed to strong video app products.