Total speculation on my side, but anyways.
I think raw camera output is something like this, but with a bit more points.
To keep latency down, Oculus devs most likely moved a lot of image filtering to the camera, so only needed and relevant info goes down the cable. There shouldn't be any real images going to the rendering pipe.
About IR emitters on DK2:
See those white dots? These are IR emitters, but on final DK2 version they are covered for aesthetic and protective purposes.
EDIT: off-topic, but how do you resize images in the post?
It's an infrared camera, all it can see are infrared light sources.
If you look at the photos you will see it doesn't even have a clear lens on the front, it has an opaque white cover specifically to prevent visible light (other than IR) getting through.
DeVisions photo from the Wii setup is exactly what this camera sees.
I too would like confirmation on this. I could imagine that if your system got hacked that the hacker could potentially gain access to all hardware, including the use of the camera. So it would be nice to get confirmation of what the camera is capable of doing.