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As this subject has been beaten half to death a number of times already, I'll try not to dwell.
The iPad is quite a bit to large to use as the "camera in your pocket". (unless you have HUGE pockets) Therefore Apple saw little value in putting super-good cameras in it. Good enough for video and video chats, but that's about it.
Since almost everyone with an iPad 2 will already have a smartphone with a great camera, and since that smartphone is pocketable and you don't look dorky using it to take pics, the video-quality cameras in the iPad 2 are (in most practical applications) a non-issue IMHO.
As always, YMMV.