Only a 1 megapixel rear camera for iPad 2?

We’ve discussed the notion that Apple’s iPad 2 may have one, if not two, cameras. Unfortunately, a new rumor from 9to5 Mac indicates one of the cameras on iPad 2 may be less than impressive.
After diving into the latest SDK it appears iPad 2 may only have a rear-facing camera, but it will only pack 1, yes 1, megapixel. This is only slightly higher quality than the camera in the current-generation iPod touch. The front is suppose to be a VGA camera, just like the one in the iPhone 4 and iPod touch.
Sources have told the site that K94, the name of the folder where the listing was found in the SDK, is the iPad 2′s codename.
Why only 1MP on the rear-facing camera? Perhaps the back camera might simply be for better augmented reality apps, or for use in Facetime to take a quick casual shot of your surroundings. In the alternative, the 1MP camera may be useful for taking inventory in a retail environment or scanning any number of barcodes, something which doesn’t require any more than 1MP.
We must caution all that this is still just a rumor. Until iPad 2 is announced, any camera idea is simply speculation.
That said, would an iPad 2 with only a 1MP rear-facing camera disappoint you? Why/why not?
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