It would appear that Microsoft has relaxed their hardware requirements (on September 23rd) to exclude the camera as a necessity. This would allow lower-end handsets to be brought out at a more affordable price, something we know Nokia wish to do. In fact, these changes are already here. We already know the Lumia 800 has neither a front facing camera nor gyro and the HTC Radar has no compass or gyro on board.
Check out the revised hardware requirements below: