Parties are fun, but a really great party means the morning after is spent untagging photographs on Facebook. You were having a perfectly good time until some amateur lens jockey decided to give you the double chin treatment and then have the gall to tag it. If you’re at all modest (or vain), you might as well start changing your privacy settings now. According to Justin Smith at Inside Facebook, Engineer Joe Hewitt just submitted the official Facebook for iPhone 3.0 app to the App Store for review. The new release will build upon a number of the community’s social features including the ability to create albums, zoom into images, improve photo tagging and add video.

The current Facebook for iPhone application is used by nearly 25% of all iPhone owners or roughly 12 million monthly active users. With the new app’s photo and video features, if you aren’t diligent in your untagging, your work mates might just get an eyeful of your weekend blunders or bathing suit body. Then again, if you’re looking to land a date, this might be a great way to socialize. Facebook for iPhone 3.0 offers a great way to see status updates, rsvp to mixers and parties, and the ability to call contacts directly from the Friends page. With these new features, your social calendar might just fill up and you might end up trading in your little black book for a big blue network.

While Hewitt admits that the Facebook app’s video feature is a last minute incorporation, it will be interesting to see if the decision to add it will cut into the user base of existing Twitter video apps.

To keep an eye on the Facebook for iPhone application process or to discuss the app, follow Joe Hewitt on Twitter (@joehewitt)or check out the Facebook for iPhone page for new photos.