I give dibs to both you and mattrobs. If you want a better camera, go buy a frickin' camera. I'm waiting for the first "iPhone w/SLR?" post. There are maybe 5 phones out there with a better camera (at least the megapixel rating). It's for having a portable camera, not shooting the SI Swimsuit Issue.
As far as video chat, everything matt said is pretty much what I think. Almost NOBODY will want to do video chat most of the time. Someone will play the "what about a soldier and his family at home?" card. I will then play the MacBook card. Video chat *could* be done, but there are a bazillion other things that would be more useful and therefore make Apple mo' money. People who clamor for MMS, I don't really care about it but way more people would use that than video chat capability. I want the camera to do video, but we don't need 17 different cameras on this thing.