[Usually, if you're going to see anything, it'll just be a bulge from the mons or from the labia - where I grew up, it was called a "phat pussy" when you could see a little labia bulge in a girl's panties (because it meant that she had protruding labia).]
Usually a camel toe only appears when a woman either does it on purpose by pulling up her pants/tights/panties/swimsuit too high, but it can also happen by accident when she’s just wearing something tight and/or exercising. And some clothes can give the impression of a camel toe if they have a tight or thick central seam (like my old pants).
So what do you think about the camel toe – is it hot? not? neutral? Does it depend on the woman and the context (i.e. a smokin’ hot chick on the beach versus your friend’s mom at the gym)? Do you just think about how uncomfortable it might be? If you are a woman, would you do it on purpose for a lover?