This fake Instagram update was created by Utter Media's Ben Horsley to more closely represent the way the social photo-sharing service is used.
Horsley's mock update includes new filters like "Food, Sunset and Mirror Selfie," which represents types of photos that many Instagram users are notorious for sharing. Other faux-updates include the ability to Hipster-ify photos by adding details like non-prescription glasses, moustaches and band shirts onto people. Since some of the content other users choose to share can be perplexing, Horsley's Instagram update also includes an "Unlike" button and other commenting features to make negative remarks.
This is a hilarious way to poke fun at the social media service, especially since so many users would actually find these new features useful.