I visited Camaguey in April 2011. Normally I love the cuban people, but I found them overwhelming as they hounded me in the city limits.
The preserved old town is beautiful, but surrounded by the slums characteristic of a third-world city. The streets are very narrow and seemed very difficult to navigate (I was not driving).
Am I glad I went? Yes. Am I glad I paid for a tour instead of trying to make my way through the city myself? definitely. Would I revisit the city? Probably not. That said, the province of Camaguey itself is beautiful.