Assuming things calm down in Libya, and the visa process remains unchanged:
The transit visa, unlike the tourist visa, allows you to travel along the coast road without an escort. This can be anywhere between 70- 100 euros per day depending on which agency you use, and whether they travel in your car or under their own steam. The main coastal route in straightforward to navigate despite very few signs in English. Google Maps had good street level info for the cities (tracks4africa not that useful). So for us, the transit visa was useful given we were only planning to do the coast, having being to the desert proper on earlier tours, and a lot cheaper.
Historical sights: The eastern side has Phoenician ruins (Tolmeita, Apollonia, and Cyrene) which are all very nicely situated by the sea. Cyrene and Apollonia are well preserved. On the Western side are Leptis Magna and Sabratha both of which are spectacular.
Camping: There aren't real camp sites en route. You can park up in car parks, outside hotels/youth hostels etc for free or a nominal charge like 10LYD. People are very friendly and was safe. You will need to check security post-revolution - it used to be safe because it was a police state.
Driving: good roads and high speed local traffic - need to watch the latter.
For us seven days with the transit visa was plenty as we had already been to Leptis before and so skipped it this time. Might be bit more of a squeeze if you want to do all of the coastal sights.
Some practical info on our website below: For Overlanders section.
Obviously, worth double checking everything as this was pre-/during revolution info.
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