With the iPad mini and fourth generation iPad available, Boinx Software took the time to compare the rear-facing cameras in both. What they found is that the two devices offer noticeably different image quality.
The Boinx team used their iStopmotion app for the iPad to capture time lapse video from both tablets, which showed the fourth generation iPad offers much higher image quality, although the iPad mini's camera has a much larger field of view. In comparison, the iPad mini's images showed a yellow cast, too.
While the iPad mini may be more portable, it doesn't look like it's better for photography or video capture. For that, it looks like Apple's iPhone is still the better option -- or at least the fourth generation iPad.