Joe Belfiore spent a little time today at the Nokia Press Event going over some new features for Windows Phone 8 that we'll see on the Nokia Lumia 920 and other Windows Phones. It's the Lenses App that will be integrated into the Windows Phone Camera App.
The overall camera app has been redesigned to remove the zoom slide bar (replaced with pinch to zoom) as well as adding a flash on/off button and a Lenses App button. The Lenses App button functions very similar to Apps... functionality we already have from the three-dot menu when viewing images on our Windows Phone.
From the camera, the Lenses App will pull up apps already on your Windows Phone that are deeply integrated with the camera or that can be used when you view a photo. For example if you're taking a photo with the native Windows Phone camera app and decide a nice panorama is in order, you tap the Lenses App button and you can launch Photosynth directly from the camera app.
The Lenses App button looks to be a nice addition to our Windows Phone camera.