I'm running LMoP, right now. The group is doing really well, over all -- they even killed the big thing that's not supposed to be beatable, at this level.
That said, they camped in the woods, last game. A random encounter of 6 wolves came up. That doesn't sound like it should be a big deal for a group of 5 3rd level PCs -- especially after seeing what they did to two of them, earlier.
It was nearly a TPK. The elven rogue was on watch and not surprised, though he did lose initiative. The first hit was a crit that send him to 0 hp. I let him get off a warning shout, otherwise it would have been worse. Even so, the cleric was dropped due to being squishy w/o armor. The elven fighter was only trancing, so I ruled she had her armor on and weapons at hand, but she was already slightly wounded and a pair of wolves took her down quickly. Thankfully, the tough, dragonblooded sorcerer had enough hit points to act as an improvised meat shield while the wizard drained his spell cache. It was really, really close, though. If I'd played the wolves to kill, rather than flee after losing a couple of their number, I'm pretty sure the PCs would have been toast. I definitely would have been able to kill two PCs by attacking downed characters, rather than the ones still yelling.
The whole group is okay with PC death being a reality, but a TPK to a pack of wolves seemed like a chump way to go. It raised several questions around setting up an effective camp in 5E:
1) Not really a question, but even having another character on watch doesn't seem like it would have helped too much. Being asleep (i.e. unconscious) is nasty bad.
2) What's a reasonable DC for waking up sleepers by yelling? My gut says its "hard", so DC 20. A couple players felt that was too high. Since everyone rolled under 15 or over 20, it wasn't an issue. Feedback welcome, though.
3) Can Alarm be used to effectively protect a camp? It says 20' cube, which isn't much more warning than the rogue had when he yelled. It would have made the "yelling" automatic, but a larger area still seems better. Can the 20' cube be reshaped, say, to a 5' think ring/square that's hollow in the middle. That seems against both RAW and intent, IMO.
4) Does wearing armor negate a long rest (i.e. sleep)? Could the tanks still wear light armor and sleep?
5) How deep is elven trance? I read it as still being effectively asleep. The advantages are that the elf only needs 4 hours and doesn't need to remove armor or lie down.
6) Do familiars need any down time? I ruled that they needed some recharge, so they disappeared for a few hours, but were around for their masters' watch.
7) Any other thoughts on avoiding a dirt nap when taking a long nap in 5E?