Well they have to give you a reason to buy the next version of the iphone..other than the solar panel clad screen (which is an awesome idea tbh).
You also have to consider the fact that video calling is, well, crap really. Its a cool gimmick, but I *never* used it during 2 years of being on a contract with 3..despite having 50 free video minutes every month. I also know no-one who's ever used it regularly..so whats the point
The camera quality - well true they could put in a better one, but its a phone/pda device, not a camera...I still don't see the point in trying to cram a "decent" camera into a phone, you just can't do it without a proper lense, and that adds to weight + size and importantly, cost.
MMS..well to be honest while I did use this 3 years ago, but I have exclusivly used email for sending pictures from my phone since then. Its easier and more flexible, much better. You can always install a 3rd party app like Swirly MMS anyway, which works perfectly for MMS if your that desperate.
I won't be upgrading to this version (will just get the 2.0 update for my current iPhone), but look for the V3 which is expected by next years MacWorld Expo
As a side note any software functionality that you feel is missing can be added easily - whether via the new app store or even easier by jailbreaking your phone and using installer.app...