The 4.0 update probably won't be available until June or July. So we won't see 4.0 when the iPad ships. The hardware is probably already fixed so we won't see any camera on it till the refresh which will probably happen in a year or so.
I'd skip this version to be honest and wait for the second generation. A front facing camera can bring some interesting things to the table such as multi-user support with facial recognition. That way it would be possible to share the device between family members each with their own setup. I'm sure Apple has already thought of this and are just waiting to present it.