I predict it will be easy in 10 years (and sooner with a large enough budget). High-res cameras will be no larger than a tiny segment of football lacing, or basketball inflation pins/pumps -- as are built into retail balls today with little effect on playability. Advanced optics will allow extremely wide-angle views in multiple directions. Fast computers will compensate for any rotations.

As others note, though, placing cameras in balls may not be as interesting to fans as other options, like player cams. (Beyond Justin.tv, what about LeBron.tv or Peyton.tv?)