I have a shop made system that can operate in either a laser mode or a camera mode. I often use the laser mode if I don't require very thin or accurate wall thickness, primarily because the initial setup is much faster. Otherwise, I usually use the camera mode. After initial setup, I can switch between modes and re-calibrate in about a minute or less.
In my opinion, the main advantage of the camera system is that if it is set up right, you do not have to account for cutting tool size and shape and its orientation to the surface of the wood being cut. All you need is an accurate stick-on or drawn-on outline of the cutter on the monitor screen. With the laser system, any change in the orientation of the cutter from that assumed during calibration will result in some error in wall thickness. For example, suppose that the boring bar is oriented so that the cutter is pointing directly at the surface of the turning and at near center height. Further assume that the laser is positioned so that the laser beam falls off of the outside edge of the turning when the wall thickness is 0.25 inches. Now suppose that the boring bar is re-oriented so that the cutter is at a 45 degree angle to the surface at that same point. In this case, the laser beam will fall off the edge when the wall thickness is about 0.18 inches.