No and no again.
1. There's one major flaw with Camo - the reason why its almost useless in pvp. Everyone with nameplates switched on can see you exactly the same as if you were not in Camo. Effectively there is no difference since you cannot do anything against them while in Camo, except they can knock you out of it with a (ranged) aoe attack. Apart from spriests and rogues (who have to melee/nova/FoK you in almost melee range), every spec can do this. There are not many players who do not use nameplates (or rather, there won't be many at 85 once enough people know about Camo's huge hole!) ...
2. Camo is NOTHING like Shadowmeld. The most important aspect of Shadowmeld is that it drops you from combat immediately in pvp and eventually in pve. That's like having a second FD or if a rogue like having a 2nd/3rd Vanish (sub rogue has Preparation Vanish) since you can stealth immediately after and therefore move as normal in stealth. Camo cannot be cast in combat.