Just posting my thoughts before the namby-pamby crew gets here (the ones sleeping in hotels)
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I say go for camping too!
It gives you the ability to sleep a little longer on saturday as you don't have to fight your way through massive crowds of people to get in. As a camper you just awake, do your morning routine and do the relative short walk to where your want to watch the Warm-Up
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I haven't done the hotel solution, so it won't be a fair comparison, but as Simon (GT6) writes, the comfort levels in the campsites has gotten very good. A good air mattress and a couple of good earplugs and you will have a good night sleep.
And again, as other says, camping is the only way if you want the complete Le Mans experience
Oh, by the way check the FAQ threads. A lot of good information in there!
Le Mans FAQ