I use a cut-out piece of postit note for the camera, and a small piece of etape for the microphones -- seems stable, and both are pretty easy to take off without leaving too much spooge behind.
EDIT: Yeah, 2nd layer of tape = 0 input level even if I shout really, really loudly. You can't imagine how much my coworkers are enjoying this experimentation!
I'd want something more certain for a higher security situation, but this might do me for some "casual" use cases.
osascript -e 'set volume input volume 0' doesn't really produce the expected result…
This is with a mid-2012 macbook model.