As of today (6/10/2012) there is not a way to do this. Changing my folder name to Camera from Camera Uploads prompted the upload process to create a new folder named Camera Uploads. You can rename any folder to Camera Uploads (top level only) and it will upload photos into it automatically.
Just to expand on Dez's answer, whilst you may not be able to change the directory that the photos are uploaded to originally, you are able to move the photos into different directories, or have directories within the Camera Uploads folder, meaning that you are still able to organise the photos as you wish. Once uploaded, according to the dropbox website:
Camera Upload tries to be smart about not uploading the same photos and videos more than once. It will not re-upload these files even if you move, rename, or delete them from the Camera Uploads folder.