I first tried using the GPU, using old school GPGPU textures and OpenGL ES 2.0 shaders, but unfortunately the performance wasn't there for a variety of reasons given in [1].
SnappyCam has since been making extensive use of ARM NEON for the JPEG codec and a bunch of other image signal processing operations, like digital zoom. It's a great instruction set!
[1] http://www.snappylabs.com/blog/snappycam/2013/07/31/iphone-k...