I was reading it and at first I thought it was basically stealth however reading it more closely and comparing it to the Batman TA and the actually stealth power, its not worded the same.

How exactly does it work? I don't think it works if you go on hindering terrain does it? Do you have to be next to a wall or blocking terrain in order to gain the stealth?

What about elevated? Is that considered "blocking"? In other words, can it be used with elevated terrain?

Sorry about the rant of questions, I just really wanna know about this. Thanks to anyone who helps me. =)

It doesn't work on hindering terrain, or against elevated terrain. It must be a wall or blocking. And I'm pretty sure that barrier counts...

Nope. The card specifies that the character must be adjacent to a wall or blocking terrain. Hindering terrain has nothing to do with it.

Correct. However, it is important to note that this is not Stealth. Stealth blocks all LOF to the character. Camo simplying blocks LOF from ranged attacks. Other types of LOF (Outwit, PC, etc) will still work fine.

Also, since this does not rely on hindering terrain, typical Stealth-busters (like Ultimates TA, Trick Shot, Bright Lights BFC, etc) will not prevent Camo from working.

Nope. Elevated is not blocking terrain or a wall. From the DR rule book (page 30):

HeroClix has four types of terrain: clear, hindering, blocking, and elevated. Elevated terrain is a special type that modifies other types of terrain.

Note that specific distinctions are drawn between all four types. Blocking terrain (of which walls are a subset) is clearly different from elevated terrain.