I like the concept of Instagram since you can only post photos or videos here and cannot post any text simply. Also you can privately chat with your friend but thats just for its sake.
It is very different from Facebook and it does have only a single platform, while Facebook has apps, pages, people and some groups.
I personally like the effects and filter on Instagram and it can be easily used as a photo editor and then you can share you pics instantly.
I do think that the Web version of Instagram is lacking features and the company must work to make it more rich in the desktop website.