Sort of! The beta will allow lots of flexibility with image selection, and it will monitor user input and provide you with popular choices (so if one of the automatically generated images is never chosen, a more popular image will replace it over time).
Later on, we will also allow you to add your own images from your camera roll.
We believe that the final app will also support animated gifs, but we can't confirm that yet. Once we know for sure, we'll update this article.