Although my phone is still with Nokia I did get word on what the problem was and how they are going to fix this. This may be interesting to all those that have issues with their camera's. It is not software related! Meaning it has nothing to do with either Firmware or Cyan. The errors generated show that the drivers don't load by my earlier assumption that it was solely a software issue was wrong.
In my case (I recognize this wouldn't the same in all cases albeit if people report the same issues with errors chances are it is the same cause) there is a defect on the motherboard of the phone. This defect could become apparent after e.g. updates but it seems to have been present or developed over time. Nokia will replace the motherboard for me as the phone is still under warranty and the defect is not caused by misuse.
So my advice to people is to contact Nokia if under warranty. If not you can still contact them and see what the repair costs would be. As far as I am concerned my case is closed. I will get my phone back early next week.