We decided to break from the trend and return our kids to more of a free-range kid paradigm, risking the disruption to our working schedules, this year. It sounds good in theory, but you are left with the realities of every other child friend being wrapped in camp schedules, as well. It took a lot of proactive discussions with other parents to convince them to keep their kids at home and accessible. But you're still left with the dual income problem, so you find yourself hiring a sitter to oversee and shuttle.
The result is an improvement over the 100% booked compartmentalized camp situation, but without the same level of independence that I experienced and have come to credit with really advancing my own personal development as a child.