I've done camera mapping with Blender, and as long as you follow some of the tutorials that are floating around and experiment a bit with the filtering (which you can easily turn on and off), you will have no problem. Below are two examples of camera mapping work done in Blender, one by myself and another by a far more talented artist. You will find a ton more examples on www.blenderartists.org
, as well as the tutorials I mentioned.
EDIT: Indeed, now that I think of it, although I've now moved from Blender to 3dsMax for all my 3d work, Max has some serious limitations in the mapping department that you wouldn't have in Blender, such as the (highly bizarre) requirement that the projection and the render cameras be exactly the same size. You would have no such issue in Blender.