You can have page after page of albums, all with different styles. You can, of course, put the images in any order, or move them between albums. All in all, this is a nice way to store photos with some features that go beyond what Apple offers in iOS.
There are a few problems, however. The albums aren't very smart about displaying longer title text. I named an album "Landscapes" and the app wrapped the "s" onto a new line. I think the font size should be reduced to prevent this. When you mail a photo, your custom label doesn't go along with it. I would think the purpose of the label is to share that information with others, but it doesn't work that way. Also, complete albums can't be shared, just individual photos.
The developers say they will add some new display effects in an upcoming version and that would be welcome.
Fotobooks+ is a nice app, and it's priced appropriately. With a few adjustments it would be a world-class solution for photo storage and display. As it is, it is a very good app worthy of your consideration.
Fotobooks+ requires iOS 5.1. It is not a universal app, and I think an iPad version or a true universal version would be a really good addition to the feature set.
You can see some screenshots in the gallery above.