I think the camera should be decent. Engadget really had good things to say about the camera under most scenarios on the Razr M. I am pretty sure they are using a little better sensor in the hd version.
Just got mine and the camera is not much better than the original Maxx or the Nexus. Not even close to the SGIII. If you need a good camera go with the SGIII, i dont so not a dealbreaker for me. As always outdoor shots in the day are ok, but low light shots are terrible.