The biggest drawback is the 5 mile dirt road into the park. Allow at least 15 minutes for the trip. We stayed in a 24 ft travel trailer and camped right behind the office so I can't comment on how easy it would be to bring a larger trailer into the campground. The staff was exceptionally helpful and nice. All sites have firepits, but bring your own wood or buy some in town. There are numerous sites set up for long term residents (some stay all summer) and they are friendly and willing to give you advice on hot fishing spots. The lake has lots of large (2-4 lb) rainbow and brown trout.
This is a good place to stay if you plan to put a boat in the lake, but a little too far if you plan to use it for seeing Yellowstone. It is 20 minutes to the west entrance and another 15 minutes to the first main area in Yellowstone. The restrooms and showers were the best I have seen in a long time. Wi-Fi is spotty and we had to ask them to reboot their server several times during a 3 day stay as it frequently was out. Staff is friendly but does not go out of their way to help (laundry closing at 5PM is just one example). Also asked about fishing suggestions and was told to just try different locations and bait ("that is why they call it fishing, not catching") so if you know the lake or have the time to experiment you have to figure out what works on your own. Only a few common firepits available, none near the RV sites. Bring extra bug spray!
I was surprised at the lack of campgrounds with at least electrical hookups in the area so it is not surprising that the prices are high. The campground was nicer than I expected based on other reviews. The staff was nice. If you go over to the lodge they have very knowledgeable staff that can give you ideas on where to go to fish and see wildlife as well as some of the other lesser known things to see in both the Tetons and Yellowstone. This was a convenient place to camp to see both parks. I paid more for gas here than anywhere else on our trip and recommend getting gas in Yellowstone (or anywhere else). Yes, it was dusty, but this area just does not get enough rain during this time to keep grass growing (which explains the frequent wildfires the whole west experiences at this time of year). The Snake river is within walking distance along the back of the campground, but did not appear to be a good fishing river at least in Aug. The easy pull through sites and abundant trees were nice. I would stay here again.
It is actually about 5 miles South of Cheyenne I-80 but only about 10 minutes away. There are a lot of activities geared to younger children (pony rides, small ferris wheel, playground, etc.) which might be useful if staying during Frontier Days. If you stay near the office you do hear a lot of road noise from I-25 all night. It might be less noticeable in a motor home unit. No fire pits at sites, but there are a couple common ones if you want to roast a marshmallow or hot dog. It was interesting to see the variety of animals (camels, lamas, ostrich). Very friendly staff.