Snapchat is also pictures and you can do traditional text. Mainly you have this thing called a "story" that people can subscribe to that lasts for the last 24 hours and it's pictures and video and text that you send to it. I recently tried using snapchat with a few people. They get annoyed that they can only see your pictures for a few seconds and then can't view them again and text disappears after 24 hours.
From wikipedia: Snapchat is primarily used for creating multimedia messages referred to as "snaps"; snaps can consist of a photo or a short video, and can be edited to include filters and effects, text captions, and drawings.
It also has a fairly sophisticated face recognition system (accessed, strangely, by long-pressing your face in a live video window, but only while using the rear-facing camera; it's almost like an Easter Egg but isn't) which it uses to do face swaps and other types of animations on top of video.
I don't know if the app is designed to intentionally hide features to create some sort of "discovery" experience, but there's a lot more to it than is obvious at first glance.
For those who aren't upset with Snapchats goals broadening, it's a great utility for many different means of communication. Chat features and multimedia along with an expiration date on all content is something that many people can appreciate in a world of public social networks.