Here's one of the most adventurous and scenic drives we've found in the area. Of course, we haven't been on all of them. But here's some supporting evidence: that was the recommendation of the guide in a visitor center; we encountered more Jeep Tour vehicles while on that road than anywhere else in Sedona; and the climb was higher here than on any other drive - so the views commanded further horizons. The guidebooks I've read give prominence to two drives: this and the Chapel of the Holy Cross. From many overlooks, the town of Sedona was visible in the far distance.
The drive is long, the climb is sometimes steep, and the road is washboarded gravel. The dust is noticeable - especially if you're following a Jeep caravan. But keeping our speed to 5 mph, we were able to go everywhere in our ordinary low-clearance sedan. A closed car with air conditioning has its charm, and we could stop for as long as we wished to walk or admire the view. And, fortunately, Sedona has a car wash.
The start of this road is very near the "Y," the major intersection in Sedona.