Those who firstly discovered this place just wanted to get out of the typical sea resorts and went camping on the beach or had accommodation at the locals. Recently Vama Veche became more popular and some small hotels were built but the crowd, although bigger has the same vibe.
The atmosphere is typical to a rock festival, and it's like that all summer long. During the day the village is not that vibrant, the tourists stay on the beach having a beer and just try to relax and recover. During the night everybody heads out to the bars and clubs by the beach, grabs a beer and just gets along with friends or strangers alike. A traditional way to finish a night of partying is just having a lay down on the beach until the sun gets up from the sea, truly a wonderful view and experience.
Among the things you must expect are topless sunbathing and nudism, the beach is not that long and if you go North that's where the naked people are :), it's usually less crowded in that area near the cliffs where the village ends.
Regarding accommodation usually the small hotels are fully booked so you need to search something in advanced, also there are lots of tourists camping on a special designed beach area. Camping in Vama Veche is also permitted by some villagers on their property under a small fee.
Expect some good quality cheap beer that you can enjoy everywhere and also a pretty secure place; just follow common sense rules and don't get wasted keeping all money on plain sight :).