Everybody is outraged with the lack of camera. Is it really that important? I see myself using this device for watching video and casual surfing on the couch - no need for a camera for that.
1. Lots of things in similar categories take pictures, so it just feels like an oversight.
2. Video chat is one of the applications that would seem right up the iPad's alley.
3. The number and types of augmented reality applications (such as the ones already appearing on iPhone) are more likely to increase in the future and the iPad as is would be left out of any of those developments.