The dual-face bar-type SCH-V770 boasts 16-million-color liquid crystal display (LCD), 32-megabyte external memory card, auto focus & optical zoom functions, and digital power amplifier that produces high quality sound and video recording function.
There will also be the ability to attach telephoto lens and wide angel lenses to the camera while hooking it up and viewing it on a TV. I haven't found any photos of the camera phone yet, but will link one once I do.
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Just a few days ago on March 8th Samsung showed off a 5mp camera lens shown here:

This is the world's first 5 megapixel CMOS camera module for mobile phone. Look at it's size compared to the old school camera module.
Here is an image that I found of German chancellor Gerhard Schroeder playing with a new Samsung camera phone. I believe this is the 7mp SCH-V770 camera.

Holy Crap they are calling that a camera phone???