I hope other manufacturers pick up on this and just make their devices thick enough overall to match the camera bulge, with a huge bonus in battery capacity.
And, isn't it true that phone cases are pretty much a necessity? I remember I took my iphone case off a few a months ago... and just a week or two in, the screen shattered when I dropped it on the concrete floor outside as I was stepping outside the car.
Phone cases have a certain thickness (which is more or less equal to the thickness of bulge). In all likelihood, you'll have the case, so the bulge is perhaps not really a problem.