i like the idea, and I am pleased with the subtle flash.
I second @conceptoftheday This is not very useful as an icon if you are going to use it as a tiny application icon. Think mobile. Here it is in 40, 80 and 120
The text in not visible in either, but this may not be a problem, depending on use. You then have to teach your users first, but people are pretty good at that.
An alternative would be to add the text underneath the camera, and loose the shadow.
I think you could make the cookie bigger, the idea of "camera" is obvious, you do not have to have the lens quite as thick.
The drop-shadow is a little on the heavy side, and considering the camera is very stylised, adding much depth is a little odd.
The cookie is, I think, a little too photographic in relation to the rest. Try searching for "cookie drawing" and see if you can find inspiration in simplified cookies.
Maybe a better idea would be to use something else entirely; something with simpler shape and bright colours and something easier to stylise. First springs to mind is a sliced kiwi or orange. Excuse crude mockup; this orange would have to be more stylised.
Anything round-ish would work, I think. Olives, fruit, berries...
(Here is a wacky idea.. if you use a fruit of some sort, you could have another fruit beside the camera. This might give a subtle 3D feel without that slightly heavy shadow).