We stayed here 3 nights over Memorial Day weekend. Got in Thursday night and there were plenty of sites to choose from. As other reviews have said, the sites are spaced out well and there were always sites available throughout the weekend. We camped on the road that immediately turns to the right. Along the entire length of this road dispersed camping is allowed. If you go to the left (high clearance is good to have but could make it with 2wd) dispersed camping isn't allowed till you're about a mile in (see map picture). There are some fun single track trails (Water Canyon and Perimeter Trail) accessible from the campsite if you plan on mt biking or running/hiking. Bandelier National Monument is about 15 min drive away and is a fun place to checkout and climb in some cliff dwellings.
Just as a side note we saw 3 coyotes our first night in and heard them howling in the AM and PM, so keep pets leashed if you bring them and keep small kiddos close!