Camera-based pulse-oximetry has recently shown to be feasible, even when the signal is corrupted by noise and motion artifacts. Earlier work showed that using three instead of the common two wavelengths improves robustness of the measurement, however without a thorough investigation on the optimal wavelength selection. We therefore performed a search to identify these wavelengths to further improve the robustness of the measurement. Besides motion, it is empirically known that there are several other factors that influence the measurement leading to falsely-low or falsely-high SpO2 readings. These factors include the presence of dyshemoglobins or other species. In this paper, we use a theoretical skin-model to study how these factors influence the measurement, and how a proper wavelength selection can reduce the impact on the measurement. Additionally, we show that adding a third wavelength does not only improve robustness, but can also be exploited to create a reliability index for the measurement. Finally, we show that the presence of dyshemoglobins in arterial blood can not only be detected but also quantified. We illustrate this by comparing the estimated COHb levels of a small group of smokers and non-smokers, which typically have different CO-levels.