I've been using a vex for the last 8-10 years and a camera for the last 3 years. If I could only have one it would be the vex.
That being said the vex can not even come close as a learning and catching tool in clear water during the daylight hours. The ONLY way to really appreciate the camera for ice fishing is to be in a shanty. You do not need the shield and it's just like watching tv while you fish. You even know when to take a break when there are no fish around. It is extremely easy to see what mood the fish are in versus any given lure or presentation. Fish swimming by 15' away that pay no attention to one lure may immediatly turn and come and smash another. You get to see the entire game. You can not do any of that with a vex.
Forget the lights, there is way too much sediment and little living creatures that are attracted to the lights. It was kind of neat to have smelt coming to the lights before daylight at Edgewater while ice fishing two winters ago.
I can not stress the importance of clear water enough. Cloudy water will just frustrate you. In Ohio, your opportunities are limited. I used it at Mogadore through the ice as it is clear enough for about 6'-8' visibility, the day I was there.
My ,so far, favorite places to use the camera have been the ultra clear water lakes in MI while ice fishing, Lake Erie while ice fishing and soft water perch and smallmouth, and Presque Ilse was an ABSOLUTE blast. At Presque it allowed me to selective harvest, You could move your lure away from the smaller perch and gills and just try for the larger ones. I was even able to watch my lure and watch Steelhaulers in in his shanty 15' away. I watched bass, bluegill, perch, steelhead, pike, walleye, crappie, shad. It is a great catching tool with the right conditions.
Kim