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Adobe unleashed its flagship photo-editing product today for iPhone and Android. Called “Adobe Photoshop Touch” for phone [iTunes-$4.99], the app brings many of the features of the tablet version to the small screen.

Much like the tablet version, Photoshop Touch on the phone has core Photoshop features like layers, advanced selections tools, adjustments and filters. We also packed in features exclusive to Photoshop Touch, like Scribble Selection for high-precision selections using only your finger, and Camera Fill for real-time creative blending of your camera feed with layers. This app features the same creative filters as the tablet version, like Color Drops and Acrylic Paint, and also a new Ripple filter.

The bad news is that it isn’t a universal app—meaning, if you purchased it already for iPad, you’ll have to purchase it again for iPhone.

Adobe gives you 2GB of free Creative Cloud space, but, if you are after more (plus the whole Creative Suite), it is also offered at significant discounts: Creative Cloud Software starts at just $19.99 per month.

More on the Photoshop blog, and full description is below:

Bring the fun and creative possibilities of Adobe® Photoshop® software to your iPhone and iPod Touch with Adobe Photoshop Touch.

Transform your images with core Photoshop features. Combine images, apply professional effects, and share results with friends and family through Facebook and Twitter — all from the convenience of your iPhone and iPod Touch. Enjoy most of the same features as the iPad version:

• Use popular Photoshop features, such as layers, selection tools, adjustments, and filters, to create mind-blowing images.
• Improve your photos using classic Photoshop features to bring out the best in your photography. Apply precise tone and color adjustments to your entire composition, a particular layer, or a select area.
• Create something other-worldly using painting effects, filter brushes, and so much more. With Photoshop Touch, the creative possibilities are endless.
• Make your images pop with graphical text. Apply strokes, add drop shadows and fades, and more.
• Take advantage of your device’s camera to fill an area on a layer with the unique Camera Fill feature.
• Quickly combine images together. Select part of an image to extract just by scribbling with the Scribble Selection tool. With the Refine Edge feature, use your fingertip to easily capture hard-to-select image elements, like hair.
• Start a project on your iPhone or iPod Touch and finish it on your iPad* or back in Photoshop** at your desk using a free membership to Adobe Creative Cloud™.*** Your projects are automatically synced between your devices.
• Free membership to Creative Cloud provides 2GB of cloud storage.
• Work on high-resolution images while maintaining the highest image quality. Images up to 12 megapixels are supported.

*Requires separate purchase of Photoshop Touch for tablet.
**Adobe Photoshop CS5.1 or later.
***Internet connection and complimentary level of membership to Adobe Creative Cloud is required for use of this feature. Creative Cloud membership is only available to users 13 and older and requires agreement to additional terms and Adobe’s online privacy policy at http://www.adobe.com/go/privacy_policy_touchapps.

Creative Cloud may not be available in all countries or languages and may be subject to change or discontinuation without notice.