It's hard to find engineers who can work on products like iOS, so I think it's understandable if they can't get every nook and cranny of the API into v1.
It was recently that I heard somewhere that you couldn't write metadata to photos in the photoroll. I think the Camera+ authors have seen iOS4. So I wouldn't read too much into the existence of EXIF data structures in the documentation; it doesn't say what you can do with it.
Sure, but it doesn't mean they had time time update to use every of the 1000's of feature changes that came with it. This is why Flash as a competing platform is a terrible idea - it adds another stage of "rolling out <some feature> is blocked by <someone in another organization>".
It's hard to find engineers who can work on products like iOS, so I think it's understandable if they can't get every nook and cranny of the API into v1.