The camera on the RAZR/MAXX isn't a terrible camera in the slightest. It's not at the top of the line with the 4S, but it's far from the bottom. Unless nothing else matters in a smartphone to you for your uses besides having the top of the line camera, don't let the camera be the thing that holds you back from getting the MAXX. It does far too much right to let that be the thing that prevents you from getting it. I had a 4S for five months, and I now have a MAXX. Having used both extensively, on a scale of 1 to 10, if someone considers the camera on the 4S to be a 10, I'd say the RAZR is a solid 8 to 8.5 depending on the situation. It's definitely a more than capable shooter.
If you're on Verizon, and the camera really is the deciding factory for you, I'd rank the top five currently available phones like this (based off of the ones I've used):
1) iPhone 4S
2) HTC Rezound
3) Droid Charge
4) RAZR/RAZR MAXX
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5) Galaxy Nexus (coming in at a distant fifth place)