Just yesterday the raspberry Pi foundation announced the final version of a camera board for the Pi. The camera has a 5 megapixel sensor, and can record 1080p H.264 video at 30 frames per second or 720p at 60FPS. The kicker here is that it uses the Pi's onboard GPU for video encoding, which means getting a live video feed from the Pi to the host computer will be much easier than with the current beaglebone MJPEG fetch-compression method, which only allows for 480x640 at 15FPS due to limitations in the CPU of the beaglebone. In addition, the camera will only cost about $25 as an addon, which is cheaper than the current webcam.
Since there's very little documentation on the electronics portion of the ROV, I'm not sure how tied in with the beaglebone the ROVcape is (What does it use for communication?) but it would be in the best interest for the budget (due to the RPi and Camera both being cheaper) to start working on porting the software to work with the RPi.