Could you please open a new bug report on this over at bugbase.adobe.com? When adding the bug, please include sample code or an application so we can quickly test this out internally. If you'd like to keep this private, feel free to email the attachment to me directly (email@example.com).
Once added, please post back with the URL so that others affected can add their comments and votes.
I had the same thing with Flex SDK 4.6, but seems like Flex SDK 4.9.1 fixes that "black" camera issue, but I still cant rotate video disply since air 3.6
I still think something broke in air 3.6, but I got it to work by setting renderMode=gpu in *-app.xml.
1) Need Flex 4.9.0
2) renderMode needs to be set to "gpu" in *-app.xml.
3) Air 3.6 works with above