I don't care about having a camera in the iPad. It's certainly not an ideal device for taking photos or videos, being too big and ungainly. The only use of a camera would be for video conferencing with Skype and such like, and that is not something I feel much need to do at all, especially not with an iPad. Unless you want to send video looking up your chin and nose you'd need to set it up with a stand so it can face you just like a laptop or desktop. And then you might as well use an actual laptop or desktop.

However i might wait for prices to come down and specs to go up before buying. Not for a camera, just for faster processors, more memory, etc.

I don't think given the price of the iPad people will be replacing them as often as they did with iPods when Apple released shiny new models with an extra feature or two. But it'll still make sense for Apple to keep innovating and releasing new models frequently to stay ahead of the market.

I would probably wait. Especially since they just cam out. That way, it gives them some time to work out any kinks that may arise since the product is so new. Not that there will be many kinks, because Apple makes a great product. I think something new is always going to be released, so the best thing is to get it when you need it and make sure it will be good in a few years. It also depends on if you really need it with a camera. That could be an extra cost that you do not need to spend.