The camp has a 60minute cooldown, works in combat, and restores 2% of nearby party members' health every 5 seconds for 5 minutes. It appears as a campfire. It's probably not going to keep you alive on its own, but it could be helpful for boss fights where you'd have a chance to get a lot of healing from it. Not sure if it works indoors. The ring is probably better in the beginning. It gives bonuses to 6-9 stats (It's a level 1 purple). Neither of these items work in PvP, I've heard. The ring will become obsolete once rings become easier to find, and the 60 minute cooldown puts the advantage from the camp on par with the long cooldown engineering items you could make in WoW.