I had some friends, as a kid, who ordered the submarine. It was, indeed, just made of cardboard. They still decided to launch it into a swimming pool where it proceeded to sink and turn into a pile of paper mush.
It was seeing my friends getting ripped off time after time that kept me from ordering much of those items being advertised no matter how tantilizing they might look in the ads.
I did order the miniature "spy camera" which did take pictures, albeit somewhat fuzzy ones. I never did get any additional film for it.
Best
Joe