Originally Posted by s.m.knipe
It's not present in the stock camera (that is something that Blur and Touchwiz and Sense have been adding I think), but there should be a 3rd party app that will do it (I just haven't found it yet). Some of the OEM UI's would take the normal image and crop it without showing you the original, maybe a cropping app that would let you fix the aspect ratio?
There's a 3rd party camera app available in the market today for .10 cents! Go grab it!