Yahoo announced today that it is launching a new photo taking experience for iPhone users aimed at taking better advantage of what the device’s camera has to offer. The iPhone 5, by the way, is the most popular camera on Flickr.

“In our view, taking a photo should be an enhancement of what you’re experiencing and seeing through your device,” says Markus Spiering, Head of Product at Flickr. “We’ve come up with a camera that gives you full control over how your final photo looks, even before you snap the shot. Our goal is to make it effortless for you to have a beautiful result, with simple but powerful features.”

Yahoo is taking advantage of recent acquisitions like GhostBird Software and KitCam to improve Flickr. Much of what they’re adding now comes from these.

This includes live filters, which show you how your photo looks while you take it. You can swipe through filters as you’re setting up your shot, and and view preview tiles to see what it will look like.

“All of our filters are also customizable after you’ve taken the photo,” says Spiering. “You don’t have to leave the camera and lose focus on your perfectly melting ice cream shot. In addition to our magic wand, we’re adding all the advanced tools so you can enhance, crop, sharpen, balance color, use Levels, add vignette and more – for free. You now have a complete photo studio in your hands.”

Yahoo continues to update its offerings on a daily basis. This follows a slew of redesigns the company launched this week.

Yahoo also made another acquisition regarding Flickr recently, so we’ll probably be seeing further improvements from that in the near future.