I just did it between my S2 (running 2.3) and my S3 (running 4.3). Just established a WiFi direct connection, disconnected the device that I was using the camera on from the Internet, and then used IP Webcam on that device and either a browser or TinyCam Monitor on the other. (The reason for disconnecting from the Internet is so that IP Webcam will then display the WiFi Direct IP address rather than the ordinary IP address.)
Slight latency, but enough for some fun with an RC toy to which I attached the phone with the camera.
It worked with camera on S2 and viewing on S3 as well as the other way around.