"Does anyone else have a camera kit that they can verify if they have the rotate tool on only the pictures imported using the camera kit?"
I'm seeing the same thing. I have iOS 4.2.1 (8C148) and the Camera Connection Kit. Images imported from the CCK display the "rotate" icon. Images in "Saved Photos" do not.
I have not yet tried importing anything using iTunes sync, or copying and pasting images.
The iPad docs mention image rotation in the "Photos" app help, on the "Viewing Photos and Videos" page. They don't mention this saved vs. imported dichotomy, though.