Actually, it does take extra time to save the picture with "correct orientation", if the phone is not in default orientation (ie: portrait with the home button at the bottom).
No matter which way you're holding the phone, the processor receives a burst of data from the sensor in a set order, which is the raw picture data in upright portrait orientation. This data stream then gets saved to flash on the fly without taking the extra CPU time to rotate. This is what is meant by "saving the pixels in the correct order" - instead of sequential memory reads (which are very fast), the memory locations need to be read in a particular order, and the algorithm used to calculate this order is the CPU-intensive part of the process. Instead, Apple just records the orientation of the phone at the time the photo was taken, and encodes this into the the EXIF data.
Apple used to rotate on the fly in earlier versions of iOS, but then made a decision not to, because the higher resolution of the cameras in later model iPhones meant that it took longer and longer to rotate the image data before saving. So, Apple changed the camera app to stop rotating during save, and use EXIF rotation instead.
This is why, unlike earlier iOS incarnations, you can now just repeatedly click the "shutter" button, and take repeated photos in quick succession - something you couldn't do anywhere near as rapidly before.
So, my point stands (and I'll add an extra possibility here) - Apple should either set an option to rotate on-the-fly when sending, or allow the option to turn back on the old rotate-on-save functionality, as suggested by Stokestack (at the expense of rapid-fire photos).
Either option (or preferably both!) would make users a lot happier than they are currently.
-U