Camino's great -- I use it as my everyday browser. It's MUCH faster than Firefox, especially once you add a couple extensions to FF to give it all the functionality Camino has out of the box (particularly tab behavior and ad blocking).
It does all the basic things you'd want a browser to, and does them well. It has tabs, great bookmark management, keyboard access, spellchecking, optional click-to-flash and ad blocking, and secure password management (it actually shares its keychain with Safari, so you can seamlessly switch between the browsers and still have your passwords at your fingertips). The newest version has session saving on quit, and drag-n-drop re-orderable tabs, which are the only features I'd missed previously. It's got a reasonably small memory footprint, and 2.0 doesn't appear to suffer any memory leaks.
It's very Mac-like (using a fully native interface wrapped around the same rendering engine that Firefox uses), intuitive, fast, and stable.
The main advantage of Firefox over Camino is extensions. If you need a lot of non-standard functionality or want a lot of customization, you'll prefer Firefox. I use it when doing web development because of a few extensions that make it much easier for me to evaluate what's going on on the page, but use Camino for daily browsing because it's so much faster.