Google's new camera app seems to hold a bit more than what we can actually see by using the app. We already know that the updated Google Camera holds support for boosted photospheres up to 50 MP, and the addition of a larger more simple to use capture button accompanies the brand new looking UI. Among those changes though is also the addition of a new image mode, called lens blur, which seeks to give you a shallow depth of field effect to your pictures. While this is the only new mode that is accessible at the moment, it doesn't seem like it will be the only one available in the future. This is sort of hinted at in the google+ post from the Nexus G+ profile about the Google camera update, in which they mention new and exciting capture modes. They used the word modes which implies plural, yet there was only one new mode they went into detail about, and only that one is what we see.
Upon inspection of the APK when Android Police did a teardown, they found that the google camera app seems to be set up for the addition of what looks like three more capture modes, although since this is just code within the APK there isn't really any idea of when we can expect these modes to show up for use. The new modes that are listed in the code strings are Time Lapse, Wide Angle, and Advanced Camera. Wide Angle and Time Lapse are pretty self explanatory, and as AP points out Wide Angle would most likely point to the capability to shoot the photo with a 16:9 angle, while Time Lapse would basically let you capture photos over an extended lapse of time intervals possibly up to 24 hours. Advance Camera mode doesn't really have much to go off of, but there is code that mentions stuff like white balance effects. There's also bits about different scene settings that we could be seeing made available soon like action, sunset, party and others.
There also seems to be code within the apk that sounds like the ability to use photospheres as live wallpapers, as well as an assortment of video effects like snapping photos while video is recording. This was already previously a feature within the camera app, although it's not there now as a usable feature after the Google Camera update this morning. Other video effects appear to be in the code like silly faces, and the capability to replace the video background. Another string of code points to the possibility of using the phones camera flash as a flashlight, called torch mode, which is something plenty of us are already familiar with as a standalone app. There definitely seems like a lot of stuff to get excited about in upcoming updates for the Google Camera app, it's just a matter of time.