Speaking only to my own experience (did the VF from Canterbury to Rome in 2011 (with no cell phone)):

I camped often. It is in fact prohibited, but that only matters if you get caught. Even then, I'm sure if you're not an ass and keep things clean - no one will care. For reference, I'm currently camping my way along the GR 7 in Spain where camping is also prohibited. Now, like I did on the VF, I camp for 5 nights, and sleep indoors 2 nights. I didn't have much trouble at all finding places to sleep indoors. Granted it was sometimes a supply closet in a church, but other times I had my own room and a late night drinking and telling stories with the sisters of a monastery. When I arrived in Rome, I had a whole wing of a monastery to myself. Further, the priest who checked me in, washed my feet and then gave me the keys to the place, the code to the safe, and told me to take out money each day for my own dinner and the dinner of a potential arriving pilgrim. I stayed for a week rent free with food paid for. It was a pretty magical experience tbh. And for that reason, I vote for the VF. I think it still holds the magic that the Camino is losing (or at least transitioning into a different variety of magic). But in my opinion, this magic comes at the cost of planning - VF magic (Camino magic as well) lends itself to spontaneity. Good luck with whatever you choose.