The camera is ALWAYS better than the last one. It's a given, really.
I can see why they lumped the iPad in with the Macs and iPod in terms of naming and not the iPhone - I think Apple assume that their customers for those devices will, on average, hold onto them for a longer time frame than phones (most people don't upgrade their Macbooks and iPods annually), which tend to be upgraded every 12-24 months as most owners are on contract, and with smartphones being a more fiercely competitive arena for them, the name is still important.