Apple's latest round of job postings includes a Input Device Firmware Engineer who is responsible for the iPhone's Multi-Touch firmware. One of the prerequisites?
Familiarity with video camera, displays, or input technologies.
Obviously, if they are recruiting now for this position, the next iPhone doesn't necessarily carry this functionality. However, recent rumors have pointed to such functionality. In fact, low quality video recording is currently available on generation 1 hardware through jailbroken Apps so it isn't a huge stretch.
