Based on the most recent Apple SDK (Software Development Kit) for iOS, 9to5mac.com speculates that the iPad will have a sub-megapixel (0.7) rear-facing camera like the 4th generation iPod touch. This compares poorly to the excellent 5 megapixel camera in the iPhone 4.
But, you might wonder, what does this mean on a relative scale? To illustrate the scale difference, I used a 5 megapixel photo taken using my iPhone 4, created a 960×720 copy of it to simulate a 0.7 megapixel photo and placed it on the bottom right of the original photo. I also converted the smaller photo to grayscale to provide better contrast between the two images. As you can see, this sub-megapixel photo is quite disappointing when compared to the 2592×1936 iPhone 4 photo.
Those of you who watched the Hawaii 5-0 “Tsunami” episode last night (Jan. 23, 2011) might find that my photo looks a bit familiar. I happened to walk by while they were “filming” a segment of the episode. You can see the sandbags (the ones that were filled with cash) in a segment of the photo to the left.