No official word yet, but the app appears to exist. The mythical photo sharing app by Google set to compete with the likes Instagram, the unexplainable Color and others does exist.
The app's website appeared live late last night and caught many people by surprise. The app's name, Photovine, looks pretty great, although at the site you can only see one screenshot.
The site has a "Support" page with FAQ about the app and a "Privacy Notice" page where states that it is a service from Slide, company that is property of Google Inc.
The app as of this time is not available in the App Store and sure hope it does soon, along with Google+ iOS app. We will keep you informed of any other events regarding this.
Heads up by Matt Rosoff at Business Insider.