Gorgeous woodland trail and with the peak makes for a full, rewarding day. There isn't much to see at the peak if you don't climb the tower, and on a summer Saturday there was a line because of people coming up the ski lift. Not a big deal, though.
Stratton Pond is beautiful. Plan on a dip in the water if you're there late enough in the season. Finally, just for flow and day/time management, I'd recommend doing the loop peak first. That way the hard part is done and you can linger at the pond as long as you like. The hike out from the pond is pretty flat.
It is a very Vermont trail as parts are from the Appalachian Trail and the Long Trail
The first 3'7 miles are right up to the Stratton Mountain Fire Tower then 3'2 to Stratton Pond and then 3'7 home to the original car park
Plan on at least 5 hours depending on the start up Stratton