Yeah, that was our take too. I was hoping it would be an extended version of the navajo loop, but we really didn't get many hoodoos. The best parts were within 1 mile of the start and finish. It was pretty atypical for a national park; all the good spots were right by the road.
I'd rate it a 2.2/5. It was a fun hike because of our group, and I'm glad I did it, but I don't have any plans to go back and do it again. It's always good to have a mental map of what a trail covers, and I'm glad I got that.
There wasn't anything particularly spectacular about it. Water sources were limited, and the noise pollution was awful. You could hear harleys, trucks, busses, and helicopters the whole time. We couldn't see them since they were up on the rim, but the sound traveled down to where we were hiking.
The best part was the solitude, we didn't see hardly anyone on the trail. It would be a fun one to hike at night on a full moon.