Your reasoning is valid, of course, but lack of webcam has been cited so many times already that it seems a glaring omission. The iPad seems to be geared for Internet users and video chat is now very popular. Given Apple's innovative approach many are disappointed with this obvious glitch in forward thinking.
You assume it's a glitch of Apple's; I assume it's a 'Let's not take out the rest of AT&T's network while waiting for 4G do be deployed in 2011.'
It's OK to wait for next year's model.
