Anyone that doesn't realize omission of features was done to keep price down is an idiot.
The key point Apple had to hit was price. Nearly everything else was secondary to price. With such a low price, Apple can now expand outward and improve on the device quickly, upping prices once people believe the iPad is relatively inexpensive.
Camera on iPad is pretty fatuous, anyway. The amount of users that need a camera on such a device is minimal.
They aren't going to be 'upping' prices, just upping profit margins. The manufacturing costs will go down over time so adding a camera and more memory will cost less later for Apple, but they will be making more money at the same price points.