This is rather interesting. I was planning on buying an iPod touch today, but now I may have to hold off, as the camera was one of the most fascinating rumors around. I was planning on just dealing with it, though now I'm not so sure.
From pure speculation, I would have to surmise that there are a few possible courses of action for apple here.
I don't believe that there's a set duration that the new touches will be in production before the camera model is introduced. There wouldn't be much to worry about between the nano and touch, as the cheap $199 touch would likely not come with a camera. That means that consumers would have to choose between a $149 nano with video capabilities, or a $299 touch with video capabilities. Both models would be widely purchased due to the gap in pricing.
Now, I can certainly understand that the iPod touch last-minute camera flaws may be valid rumors. I can also understand why Apple would keep their intended release date. But here's the thing, there's virtually no question that Apple intended to have a camera in the device, and even if the cameras were pulled last-minute, the space remains. I'm led to believe that regardless of the fact that several consumers have purchased iPod touches already, and several more will, that Apple will introduce cameras whenever they're fit to be released. I'm also surmising that Apple will offer a service to conveniently put the cameras into existing models, for a bit of a fee. I'm absolutely positive Apple has contemplated the same things you all have ... if consumers buy now, and the camera is quickly introduced, there will be a massive uproar of angry patrons. There has to be a logical fix to that problem, and that is simply offering the camera to those who couldn't wait for it.
Of course, this is all just speculation. I was planning on buying the 64GB touch today, though now I think I'll wait for the camera, as the app functionality with the cameras would be pristine.
Which brings me to a new point, everyone keeps addressing the fact that the iPod touch is becoming too close to the iPhone, and this will hurt iPhone sales. The iPod touch does not offer 3G connectivity, which is arguably the most convenient feature on the iPhone. For this reason, Apple really doesn't need to worry about the iPhone sales plummeting.
Here's something that it seems no one has considered:
By introducing cameras to the iPod touch line, just how much do you think Apple will make from iTunes Store app purchases? This would open up the entire world of photography apps to iPod touch users. The potential for profiting continually from the number of these is absolute.
So, I would have to say that it's in Apple's best interests to offer a camera in the near future, and when I say "near future," I mean whenever it's ready.
At least, we can all hope, right?
*Edit*
One more thought, don't forget the iPhone contract with AT&T is almost expired. I don't think Apple wants a bunch of "Aw, it's cool that the iPhone is on my carrier now, but I already have an iPod touch ... " responses, so maybe they're holding off until both can be released at the same time-or-so, so that the iPhone gets the main attention. Who knows? There are so many variables ...
Who's with me? 
