Hi tbrumleve - you're right about the PITA. At the moment I'm rebooting my Macbook every time I reconnect it to a Thunderbolt display. I have one at my home office and one at work and I run a fair few virtual machines so rebooting is not as quick as you might expect. This is a big PITA for me - going from having a portable workhorse that I can disconnect and move around wherever I need, to having to perform a fairly major series of reboots every time I want to relocate.
And for me it isn't just the camera problem - audio and other USB peripherals are also being affected by the Thunderbolt disconnect issue.
You're right that a quick for at least for the video is to just reselect the camera, but for some of the problems I'm seeing there seems to be no quick fix - nothing I can do at the command line, no service I can restart. I just have to reboot the whole platform.