Apple's website merely identifies it as a "5 megapixel iSight" camera. MacRumors claims that Apple is reusing older parts. I recall reading that the new iPad has a better camera than prior models, so I'm confused. Which one is it? Advanced optics or not?
No, the iPhone 4S has an 8mp camera.
The prior iPhone 4 had a 5mp camera though.
But, yes, the older iPad had a much worse camera - less than 1mp.
This would seem to show it's from the iPhone 4: The new iPad camera: we've seen it somewhere before
Megapixels aren't everything - but the new iPad certainly has the best camera in an iPad so far. The front facing camera isn't that great though, even with the rear one hugely improved.