You can wish for whatever kind of camera you want, but this statement is not true.
The iPhone 4 only captures video at 1MP, and augmented reality and barcode apps work fine. Your first gen iPhone was using stills, which are inherently less reliable for these purposes. The first iPhone to capture video, the iPhone 3gs, could capture video at 0.3MP. This is quite a step up from either.
This also in no way discounts the possibility of a Retina display (though I don't necessarily believe we will see that this gen). A 720p image won't look any worse at 2048x1536 than it would at 1024x768. In fact, it should look a little better (you can display the full horizontal dimension). When you can raw pixel double, you have an equivalent screen for low resolution content.