This is an awesome hiking area!
This isn't the best spot in this area to camp but it works in a pinch. It is just off the Blue Ridge Parkway and near the USFS Cradle of Forestry (which you should totally visit). There is a nice large picnic shelter here and there are places you can set up camp in the surrounding area. However, be sure to check yourself for ticks as the grass can be tall and thick here!
There are several trails in and around the Pink Beds area but be advised that beavers are also frequently in the area and can cause some major trail flooding and serious mud that wreak havoc on the trails making some of them impassable at times.
Due to the high volume of day use visitors and food, bears can be and have been problematic here. If you're camping here and have a vehicle do everyone a favor and store food and other attractive bear items (scented hygiene products, trash, etc.) there. In other words, forego a bear hang if you've got a big metal box on wheels. The bears are clever and often can get into even the most textbook of bear hangs.
As the description states, this spot is close to several "attractions" in the area. I try to only camp here if I'm in a pinch and other spots are full simply because there are better spots!