Photobucket, acquired by Fox Interactive Media in May 2007 for $300 million, is releasing their API to the public today and will allow third party developers to build photo/video storage and visualization to their applications. Adobe, AOL, FotoFlexer, Intercasting, RockYou, Slide and Snapvine are being announced as launch partners. API documentation is available at developer.photobucket.com.
Previously the API was released only to signed business development partners, and had limited functionality. Functionality includes log in via OAuth, album creation and editing, content uploading, content sharing via email, search and metadata access (tags, titles, descriptions, etc.).
Photobucket is also promoting third party services on their API, at gallery.photobucket.com.
Flickr has had an API available since late 2005, with hundreds of third party applications built on the base service.