For sure I camel up! Of course, it all depends on the situation, temperature, water availability, trail, etc. But water is very heavy, so I don't want to carry it. I think I learned on the PCT how to maximize hydration and minimize weight. Carry as little as is necessary to get to the next reliable water, know your body and how you react to early stages of dehydration, drink a lot before you get going in the morning, drink a lot at the water stops, take a siesta in the hottest part of the day, etc.
That said, you have to be safe, and know your own limits. In 2004 on the PCT, I ran into a guy near the bottom of the 20 mile (?) waterless stretch descending from Mt. San Jacinto to the Snow Canyon water faucet, in the serious heat of San Gorgonio Pass. He was seriously dehydrated, and just managed to make it to the facuet. After he recovered somewhat, I asked him how much water he left the water source 20 miles back with, and he, amazingly, said ONE QUART. I had four liters and drank them all on the way down. Ya gotta be smart out there! I'm not afraid of bears and mountain lions and all that, but hypothermia and dehydration (along with snowmelt creeks) can do you in.