As an aspiring photographer I would say the camera is ok. Given they have bundled effectively a camera strap with it, it's certainly being touted as a night out camera.
I am enjoying using it to take some fun pics of autumn with the camera + app as the weather where I am in the uk is grey, dark and horrid at the moment!
As an overall device, the iPod is fantastic. If you're likely to be taking it out on a lot of nights out then a case is a must. You'd need to weigh up whether taking a £300 device out is ok or a cheap £80 compact camera would make you feel more comfortable.
In terms of photo examples, keep your eye on Flickr. Once these things get more into the open hopefully the number of photos will increase on that site.
As far a holidays are concerned, the panorama option is very impressive, a very simple process I can see being used a lot.
As a complement to your iMac in general it's great, I would say buy one!