The Photobooth is merelly the effects center. It can only take pictures and apply one of 9 predefined effects the picture, which you can alter live before you take the picture.
The Camera takes standard pictures and Video, but adds no effects.
That's it, there's nothing more to them. The Guide states this clearly. not sure what else you needed to know.
If you need a camera App with more features like a delay, or editing, there are plenty of apps in the App store for that. Many of them free. Just run a search for "Camera" or "Photo".
Thanks. What provoked me was the absence of the 3-second delay that is typical in Photo Booth elsewhere. E.g., my MacBook Pro. Pose a dog or whatever, hit the button, step back and have a brief second or two before it snaps the pic. Not so with this new iPad2. I was/am surprised and thought maybe it was a preference or option I could not find. I have many Macs, but aside from two early iPods, this is my first mobile device and am new to "apps" in general. In my searching, I noticed the Camera app apart from the Photo Booth app and wondered. I'll check the App store, as you mentioned. Still, how come Apple eliminated such an integral function?
It wasn't eliminated, it just never existed in the iPad's Camera at least as far as I'm aware. The iPad camera doesn't lend itself well to being put down and then waiting for the picture to snap, its just a little unwieldy for that, so I guess they thought it wasn't necessary.
The real question is why it isn't available in the iPhone camera.