i doubt you will need the cam, from what i understand, the cam is basically a cheat code.
but then again, VP did have awful microtransaction (useless accessories) guess we have to wait and see.
edit also this:
2. So the game also got a photo mode. Cool, but that's not the best! This photo mode is able to interpret the pictures and create the above-mentioned code based on the picture. Basically, you will have a card generator available on the internet! Imagine this: you have created this really cool pinata and instead of the tiresome task of sending it only to selected friends on Live, you can take a picture of it, get the code/card generated and share it on a forum. Instantly everyone will be able to get the pinata in their game and since the camera can also read from LCD screens, ipods, zunes etc., there is little to no hassle. Now THAT'S sharing!