I think that perhaps the iPhone 4G will work on a 4G network(when available) and that will make video conferencing possible. 3G network video streaming is hit or miss at best.
I am sure that the next iPad will work on 4G networks and have a camera.
The next gen wireless networks haven't been rolled out yet and there isn't a standard that everyone is going with in the U.S. Verizon may be going with LTE while Sprint is possibly going with WiMax and ATT can't even get their 3G network to work, how are they going to get 4G up and running.
Besides 3G is more than enough. My cell phone in Japan supports video conferencing and it works wonderfully.
I would have loved a camera. Also if you are worried about people looking up your nose just hold it in a different position.