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The one on my caravan is a rear view camera rather than a reversing camera - it is on all the time. This works really well and I get the feeling sometimes that the van is not even there because as I look up at my mirror (which is also my monitor) I see the same view with or without the caravan attached. I have played around with different cameras over the last couple of years and I found the cheapies have two main faults. Firstly they eventually let in moisture and secondly their angle of view is too wide for a rear view camera. The traffic behind you looks to be too far away.
The camera I have now has a 30 degree viewing angle - which is close to what you see in a rear view mirror, and it is rated to IP 68 - which means it will work under water. So far it works really well.
If I had to do it all again I would install two cameras, a wide view for reversing and hooking up and a narrow view for rear vision. Most monitors have more that one switchable input so you can switch between the two. You can buy them mounted in one housing. They are not cheap - but they are worth the money.
Also, make sure you buy good quality cabling that goes from your dash, to the rear of the car, then with connectors to the caravan and then to the camera. Cheap cable and connectors will let in dust and water and give you no end of problems.