yeah, you *are* correct - you should be able to just drag it into a keyframe. Thats why the article is called 'ActionScript for designers'.... a designer can use an ActionScript effect (the vCam) encapsulated in a comonent without knowing anything about ActionScript.
All you do is use the camera in a tween - whatever appears in the camera rectangle will be what appears in the final animation.
If it doesnt work, make sure you are using the right version for your version of Flash (there is a Flash 5, Flash 6 and Flash MX 2004 verson, see the previous posts for the Flahs 5 and 6 download links).
You could also open up Adams waterfall effect and change the tweens to create new transistions. thats probably a good idea, because starting with an example that works is probabaly the best way to see how it all hangs together.