Valley Camping has its charms. For first-timers, which I envision the 2008 swankamping geared to, I think the walking, biking, rafting and sometimes driving proximity to the wonders of the Valley make camping there worthwhile. Lower Pines is an awesome campground, and spots by the river are supremely wonderful.
The bad part is that only 2 sites can be reserved at one time, and competition is fierce once they go on sale. The chances of getting multiple adjoining sites (or even those few swanky river sites) are slim.
White Wolf, about 15 minutes outside the Valley, is a great spot ... much more easygoing, and far less hassles to get campsites. It's a nice location for visiting Tuolomne Meadows as well as the Valley ... but getting to the Valley is a little journey, and camping in White Wolf makes it less likely that newcomers will experience all that the Valley offers.
Timing is everything in a visit to Yosemite. Though all seasons are marvelous, you really want to visit when the waterfalls are flowing nicely.
In early Spring, though some of the best trails are still closed, the Valley's multitudes of tiny falls and cascades make the place look like Rivendell. But the main falls can be flowing too strongly to get close to (and boulder-climbing towards the bases of Lower Yosemite and Bridalveil is one of the most fun activities).
I'd vote for late Spring when the high trails are open and the big falls are friendly. Where's our wiki page for Yosemite? Let's start detail-planning NOW!
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