The next-generation iPad due in spring 2011 has not yet been revealed by Apple. The company has made no official statement on an iPad camera.
That being said, current evidence points to the iPad 2 shipping with two cameras. A front-facing camera would be used for FaceTime video calling, with a higher quality rear-facing camera installed for taking photos.
UPDATE: The iPad 2 has been revealed and will include front and back-facing cameras. The back camera will record 720p HD video. Front camera is VGA quality for FaceTime video chat.