Hey Kate,
'Might' is the past tense form of 'may' and it is used to talk about a future event that is a remote possibility. In the sentence ''This camera is a bit cheaper than the other one, although it might not be as good, of course'', the usage of ''might not' is justified by the fact that there is a remote possibility that the camera concerned could not be as good as the other one.
Now, if you are certain (almost a hundred percent sure) that the camera is not as good as the other one, then you could use 'can' instead of 'might'.
***HOWEVER, I suggest that you should use 'might' or 'may' (may is more 'formal' than might) when you are 50% sure that something is true or will happen in the future.
Examples:
1) It may not rain today = (you are 50% sure that it is not possible that it will rain today)
2) I might do my homework = (I am 50% sure that I will do my homework)
3) That camera might not be as good as the other one (that camera is not likely to be as good as the other one)
4) I won't buy that camera - it can't be as good as the other one = (I am stating that the camera is not that good - in this case, I am 70% sure that the camera is not worth buying)
***NOTICE: 'Can' reveals a stronger possibility compared to the usage of 'might / may'.
Hope that helps!