Really appreciate your efforts to test it. Today I used the mbp at apple store to do test.The crash happens the same.I can confirm this crash, thanks for your description. It took like 10 minutes in video mode until Photo Booth crashed with the "Bad magic" crash.
BTW: I did all the SMC and PRAM voodoo without any change.
Actually, I don't use photo booth often, but it does affect almost all the recording. It crashes 3 times during my video interview. That's the thing I worry about most.
Do you know if it's hardware issue or software issue?