Urg, so many apologists in here it makes my skin-crawl.
"It's not made for you/there's other options"
It doesn't matter! It's 2015! This laptop costs over a grand! That's not an excuse, the consumer deserves better than 480p in this price range regardless of their usage or needs from the camera.
"To keep costs down"
Let's not pretend Apple ever cuts it fine with profit margins, for a company of Apple's size and on the scale 720p cameras are produced and implemented the price difference has got to be minimal - certainly not heavy enough that they'd need to dramatically inflate the cost per unit.
Serious stockholm-syndrome or something, accept that this a weak deal! People look back on the 1st-generation Air and have no problem picking apart the problems it initially had, why are they unable to accept this is just the same thing where the performance/feature-set is dramatically out of balance with the pricing.
Irrespective of what you use the laptop for, this thing still costs a lot of money let's not pretend Apple was doing us a favour by throwing weaker components under the hood.
Such a poor addition to the Macbook family, a clamshell iPad. And no, this isn't 'the future' and we should 'catch-up', I'd rather embrace the future that holds tangible benefits, not being dragged there with a $75 accessory bill artificially attached to it.