Will Apple's new Camera API's allow for 3rd party camera apps?

It's been publicized that Apple is releasing new camera APIs to developers with iOS 4. Does this mean we could potentially see third party camera apps? Apps that can access the camera info and manipulate the image before capture?

I hope so. This could lead to manual fstop, ISO, and exposure control. Hopefully even white balance manipulation and color manipulation (black and white, sepia, negative, color accent, etc...).

If this happens I guarantee my iPhone will replace my point and shoot.