Instagram just implemented video, I haven't tried it yet, but am reading up on the differences between it and Vine.
Check out this great article from CNet titled Instagram vs. Vine: Battle of the Short-Form Video-Sharing Apps (try saying that three times fast!). CNet feels that Vine is buggy, and Instagram walks away the champion, in this comparison.
Another great article is at Forbes, Illustrated Guide to Using Instagram Video.
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