Yes, USB cams are often extremely laggy. However, the IR camera that goes with the rift is supposed to be low latency (comparatively anyway) to aid tracking precision and avoiding feelings of seasickness, so this can be done it would seem. I'd assume there's some sort of embedded computer system inside the rift to read sensors and drive the screen and that sort, surely it could also handle the cameras and draw the camera images straight into the rift's LCD screen for low-latency screen updates...
Well, the only task for the IR camera is to detect attitude/position, so it does not have to be with very high resolution and nor does it have to be very noise free. On the other hand, you probably want to use a real 1080p 60 fps video camera for AR purposes. And you can't just use 1/60 seconds as shutter speed as that's just too slow, so the only way is either to require very good lighting or use larger sensors and/or larger lens.
For now I think weight is going to be an issue, so a video camera system is unlikely. For gaming purposes the "phantom effect" can be mitigated somewhat by rendering a fake body, and you can always use external systems such as Kinect for matching the rendered body with the real thing.