Davin Wong takes us through the service in this YouTube video...
While not on the team, fellow Nokia employee Janne Jalkanen describes what he saw as the goals of this 'lets see what happens' beta (which is the best kind):
I think the point of the Image Exchange is to try out much tighter coupling of the phone and the service than what is currently available with e.g. Flickr. Note that this service needs no configuration nor registration - it just works, and as such I could see some use for it among, well, the 99% of the human population which is not using Flickr at this moment... Whether this truly is better than the current Flickr or Ovi Share tools remains to be seen - but that's the point of Beta Labs, yes?
Personally I agree with him, the point of betas and releases is not to be the final step before a polished product (although it it seems that many think this is the case) but to try out concepts and new ideas. Alpha is private, beta is public, and then there are the big meetings to see what happens next. Long may Nokia's Beta Labs keep throwing out these polished suggestions.
You can find the app here at http://www.nokia.com/betalabs/imageexchange/ . Usual caveats apply for beta applications, and also because of the constant exchange of data, a Wi-Fi conenction or flat rate data plan are very much advised!
Ewan Spence