With a friend, hiked the loop clockwise. 5 nights/6 days. Our first big hike. Was tough. Many steep climbs. Rewarding views. Wonderful campsites. Saw very few people along west part and top. More traffic along east side..Amazing hike! Not sure about rating as moderate. When compared to moderate sections of other trails (eg Bruce Trail), I think this Killarney Hike may be difficult.