I've wondered as to what an "acceptable" cellphone camera is for some people...
This is a great cellphone...first. A decent camera second. If you want a great camera, get one, but the likelihood of you getting a great camera with a great cellphone, I think at this time, is unlikely.
I think the camera on the Razr HD is as comparable as it is with other phones in this class. It isn't the best, but it isn't the worst either. The camera has a fair amount of really nice features and overall the picture quality is respectable and I think very good for being taken from a cell phone.
If you are looking for something to improve your poor picture taking, framing, exposure, etc. then there is likely no cellphone camera out there that will do that. I think if people would learn how to take good pictures first then the quality of the camera isn't as big of a deal.