Oversampled Binary Image Sensor vs Active Pixel Sensor(CMOS)
The success of your camera depends on too many factors! and they're out of the scope of this page. If the dynamic range requirements of your application are not too demanding then you could take advantage of the fast sampling rate and try to reconstruct a low quality image (by the same principle by which sigma delta modulation works, eg reconstructing a PCM signal from the output of a 1 bit output digital microphone). There's technique called halftoning, which has been the basis for reproducing images in print media since the invention of the newspaper. It is based on sampling an image with 1 bit and diffusing the error. Determining if using a Binary Sensor instead of a CMOS is a good or bad idea depends on your intended application. You should also pay attention to the size of the objects you want to picture. CMOS technology is widely used and you could probably find a cheap sensor to use in your camera.