MS hasn't put any development resources into photo editing yet. If they do it will come later (maybe in Apollo) as they've deemed other projects more important. Things like timers and photo editing apps are holes easily filled (and some would say better filled) by developers, so they left that up to the market.
There are quite a few free apps that do these things and once installed, they are accessible straight from the camera app by hitting the "..." menu.
So once you take a photo just hit the menu to get to any photo editing apps you have.
I highly recommend Thumba which is $0.99