Fencer: Chivalry is simply Camelot with more pieces and a bigger board.  Similarly, Cam is Camelot with fewer pieces and a smaller board.  My invention, Camette, takes the smaller board and fewer pieces to an extreme.  All three variants are fun to play, but from personal experience, I think Chivalry is a bit too crowded, and Camette is a bit too simple.  So my vote for a Camelot-like variant would be for Cam.

That said.....

In my opinion, by far the best Camelot variant is Grand Camelot.  Grand Camelot is Camelot for four players (two teams of two players, each).  Camelot, as you probably know by now, is extremely tactical, and just occasionally strategic.  Grand Camelot is a very enjoyable, relatively even blend of tactics and strategy.

Don't get me wrong--I love Camelot.  But I also love Grand Camelot--it's a blast to play.