Hi guys,
We have been discussing this internally since Instagram was moved as part of the Facebook apps.
Updating the API is not a problem the problem is the process of approval of the Facebook apps and now Instagram respectively.
We have been submitting our Facebook app for review approval many times and they always reply with some new reasons to reject it. It could literally takes months to get your app approved by Facebook.
This is not OK since we can't have you(our clients) to go through so long process as it makes the plugin very unpractical. We are looking for some alternatives but most of them are quite unreliable and having an app with API access is still the best way to ensure that the plugin would work without any problems.
We seriously consider to deprecate the plugin until we find a solution.
If you guys have any ideas then we will be glad to hear them!