The review below talking about the lake being heavily forested with no views is, I'm certain, talking about Lake Vidraru, on the south side of the pass. Lake Balea is on the north side and is above the tree line with stunning views of the surrounding peaks and the valley below, looking into Transylvania.
There is free camping available at the top, but no shop - you need to eat in the restaurant or bring your own food. Water is, of course, available.
The north side is much better paved - a beautiful road reminiscent of Italian and Spanish mountain roads. The south side of the pass is pretty bad - I couldn't get a decent speed up because I was scared of hitting pot holes.