1. A digital image capture and processing engine comprising: an engine housing; a digital image formation and detection subsystem, embodied within said engine housing, and having (i) image formation optics for projecting a field of view (FOV) from an area-type image detection array, and upon an object to be imaged during object illumination and imaging operations, and (ii) said area-type image detection array for detecting one or more digital images of the object during object illumination and imaging operations in an image capture mode when detector elements in said image detection array are enabled so as to detect one or more digital images of the object formed on said area-type image detection array; a LED-based illumination subsystem, embodied within said engine housing, and having an LED illumination array for producing and projecting a field of illumination within said FOV during object illumination and imaging operations; an automatic illumination control subsystem, embodied within said engine housing, for controlling said LED illumination array during object illumination and imaging operations; an automatic exposure measurement subsystem, embodied within said engine housing, and including an optical waveguide component arranged for collecting illumination scattered off an illuminated object present in said FOV, and guiding the collected illumination onto a photo-detector, operating independently from said area-type image detection array, for measuring the intensity of said collected illumination and producing an electrical signal representative of said measured intensity; and an image capturing and buffering subsystem, embodied within said engine housing, for capturing and buffering said one or more digital images detected by the area-type image detection array.