I have hard time intercepting HW camera button on Desire Z (Froyo). I wrote a sample that runs fine on G1 (1.6) but not on aforementioned phone.
AndroidManifest.xml
There is no requirement for a device manufacturer to send any broadcast when the CAMERA button is clicked, from my reading of the Compatibility Definition Document. It might only be used by the foreground activity on the Desire Z. I don't have a Z and so cannot confirm your tests.
Since the vast majority of Android devices do not have a CAMERA button at all, you will need to ensure that your app works well without such a button, and that you advise users that the CAMERA button may or may not work with your app depending upon device.