My fiancee and I settled this debate last night. I've got a 370z Nismo and she has a SS 6MT. After nearly 3 years we finally went out and raced. It took so long because I wanted to get tires that were actually worth a damn. The stock tires on the 370z leave a lot to be desired. After we went to auto-x last night we then went and had a little straight line fun. We did 3 drag runs, switching cars on the third run, and one rolling run.
1st drag: I launched perfect, she didn't, by 110 there was a 1/2 a car between us
2nd drag: I launched good, she launched good, by 110 my front bumper was at her side mirror
3rd drag: We switched cars. Now mind you this was only the 2nd time for her driving my car and 1st time racing it. I got a good launch, she got a average one, by 110 the 370z bumper was at the Camaro's rear wheels.
Roll race: Started at 60mph and both started in 3rd. By 130 we were next to each other with my bumper (370z) at her front wheels.
Take home from what I saw. First off in the drag race the cars seem to be mostly even with neither car pulling on the other until about 80mph. At that time it seems the Camaro does start to pull. In all three races that is where the Camaro made it's biggest pull. Secondly, and most important, the cars are so close performance wise that it really comes down to the driver. On paper the edge goes to the Camaro and I'm sure a single driver driving both cars back to back will probably pull slightly better numbers with the Camaro. But on the street or at the track with two average joes behind the wheel it's going to come down to driver. No sense arguing who is faster, rather argue who is the better driver.
On the rolling race the cars seemed even until about 4th gear and the Camaro started edging out. After about 115mph the Z seemed to be in it's stride and stopped the Camaro from pulling. Basically telling me that as speeds increased areo started playing a bigger factor.
All that being said if we are talking about a 1LE I would whole heartily put the money on the Camaro simply because the more aggressive gearing will give it the advantage it needs to make a clear victory.