There's no 'campground' as such, Bottom Camp is on a property and camping climbers are tolerated. It's a fragile environment among callitris and it's really, really important to bring your own firewood. The only facility at Moonarie is a water tank near Top Camp. Although it's technically illegal, people camp occasionally up at the cliffs. Many don't bother with a tent but use a sleeping bag +/- bivvy bag and find an overhang along the bottom of Checkers Wall. A comfy tent for Bottom Camp and a bag for up top could be the best of both worlds.
As for pros and cons, the sunrises are better up top and you save energy by avoiding the walk up. If you enjoy interacting with humans there'll probably be more of those down the hill. I climb there quite a bit and usually stay at Bottom Camp. The walk is not unpleasant (especially going down), it gets you fit and becomes part of the Moonarie pattern of life.