^ Rob, that sounds like he's adjusting castor, not camber.
Personally, and on a road car, I set the camber to achieve even tyre wear across the tread. Because the outside tyre takes most of the cornering force I suppose, my tyres would wear on the outside edge under factory settings. Actually it is because I tend to corner fairly hard, or at least I used to. So adding a degree or two negative camber and perhaps running a bit more pressure, evens this out across the width of the front tyres.
Yeah, pretty much this. Basically the best camber for a car is the one that gives you even tyre wear (on a track, this is usually what gives you relatively even tyre temperature). On a car that does mostly highway k's, that is going to be close to zero. On a car that only does circuit work, that is going to be massively negative. On a road car... depends on how you drive it.
If I had say 0.25deg of negative camber on the front of my Torana, the outside of my tyres would be scrubbed smooth after a few spirited driving days in the hills. (I run 2deg negative)
I also have 0.5 degrees of negative camber in the rear of my Torana (live axle).
Tyre wear is nice and even on all four corners.
The other thing that has not been mentioned here is castor. A late model car like my old GXE10 or JZX100 has like... 7 degrees of +ve castor? So it doesn't need half as much static camber to tilt the wheel over in a corner.
A car like a Torana (particularly with no power steering) is going to have less than half of that castor, so more of a compromise is needed, in the form of static camber. This is not ideal, as (front) camber hurts tyre wear and braking performance.
And yes, a lot of people will adjust camber to suit wheel clearance (when striving to maximise wheel dish) or other styling preferences.
I love the look of a good amount of negative camber. For example if you say you don't get a stiffy when you see a '69 Camaro with a side pipe, R-spec rubber, and big negative camber on the front, you're probably not being honest with yourself.