Poking around in the iOS 4.3 beta for iPad has revealed some pretty hard evidence that the iPad 2 will have a Camera app.
Specifically, buried in the the Accessibility Bundles of iOS 4.3 is a section dedicated to the Camera app, including an information file that tells the iPad how to handle launching of the Camera app when in accessibility mode (a double tap instead of a single).
In addition there is a linking file that points to the location of the Camera app, notice that the camera app is copyright 2010, where many of the other apps referenced are copyright 2004-2009, even iAds, which was introduced in early 2010. This points to the fact that the Camera.app referenced is in fact a newer version than the one in iOS 4.2 (or 4.0). This is most likely a new version designed specifically for the iPad or built to handle both the iPad and iPhone.