We brought you word on Monday that Samsung may be working on their very own Android-based camera. The rumors stated that it was to be based on the Galaxy S III and feature Android 4.0. Those rumors turned out to be correct as Samsung announced such a device today at IFA.

Samsung is dubbing it the Galaxy Camera and it’s sure to give Nikon’s Coolpix S800c a run for its money. The 16MP camera ships with Android 4.1. Nikon’s camera comes with Android 2.3.

“The GALAXY Camera opens a new visual communication era and shifts a paradigm in communication. With the growth of social networks and the prevalence of smartphones and tablets, people today communicate faster than words. As we increasingly articulate our experiences through pictures and videos the GALAXY Camera has been created to lead the way in this new era of visual communication. Communication becomes more vivid and lively with high-quality images and instant sharing anywhere, anytime,” said JK Shin, President of IT & Mobile Communications Division at Samsung Electronics.

As for specs, the camera features a 21x zoom and a 4.8-inch HD Super Clear LCD screen. The large screen, combined the camera’s 35 onboard editing tools, make it a great place to edit photos right on the device. The camera also features voice controls so users can control simple actions like “zoom in” and “shoot” with their voice. All your photos will be stored on 8GB of internal memory which can be expanded through micro SD cards.

Most exciting of all is the “Auto Cloud Backup” feature. The camera will automatically save photos on Samsung’s AllShare cloud network. It also features all the usual options that allow you to share photos directly to a variety of social networks.

The Galaxy Camera will come in two flavors – 3G and Wi-Fi or 4G and Wi-Fi. There has been no mention of price or launch date yet, but my bets are on a release this fall.