It looks like the rear-facing camera in the iPad2 won’t be a world-beater, according to this analysis by Wired:
The specs for the iPad’s rear-facing camera only lists one number: 720p. That should mean 1280 x 720 pixels, which gives a megapixel figure of 0.92, clearly useless for stills.
However, flip over to the iPod Touch camera specs and we see the following: “HD (720p) up to 30 frames per second with audio; still photos (960 x 720) with back camera.” Yes, the Touch shoots stills at an even lower resolution than video, most likely because the wide-screen movie format is squared-off to shoot stills. The stills it produces are just shy of 0.7 megapixels, or about the same resolution as an early 1990s-era digital camera.
Good for lo-fi shots, and some video, it seems. Of course, we won’t know more until the iPad2 actually ships.