This is part of our massive Apple Watch FAQ, which should tell you everything you want to know about the gadget, its features, and its interface. You can find it here
No. No camera. On the first generation Apple Watch at least. So don't expect to take pictures, or make FaceTime calls.
You can, however, use the watch as a remote viewfinder for the camera app on your iPhone so you can set up group shots while you're standing in the middle of them. Handy.