Today, the specifications for both cameras on the Vita have been released by Sony. Each camera appears to have the same specs as expected.
The cameras are lackluster to say the least but will do the job for whatever the Vita may need them to do. They will operate with a frame rate of 120fps at 320×240 in QVGA and 60fps at 640×480 in VGA. The max resolution visualized by both cameras will be 640×480 in VGA.
Not great but, hey look at everything else this handheld has!