On the back, the camera still peeks out of the top-left, but the module is considerably larger now and, where it was inset on the fourth-gen iPod touch, it now protrudes slightly -- just over 0.6mm, by our measurements.
The entire camera assembly includes everything you see below, which includes the clear optics (lenses), actuator (second black module from the left), sensor, and the black piece-parts that hold everything together.