First, a few things:

1. Moderate? Hm.. no. If you do the full 9.5-10 mile loop, those inclines are no joke. And if you don't know, it's the down hill that kills.

2. Shaded? Some, I'd say only 50% of the trail. Still, don't go in the heat! It'll be rough. I drank over 100oz on the trail, so did my gf.

About the hike:
We hiked this today (late July) it was warm/hot, and I had 25-30lbs in my (inadequate) pack since I'm conditioning for a backpacking trip. We went all the way to the end and came back doing the full loop.

The 2nd part of the loop is not very well maintained, and the trail was even a little hard to keep at times. I took a wrong turn 4-5 times, or thought I went off trail, then realized I was originally on the right one, so went back.

It was tough, maybe it would've been easier with just a light pack and on a cooler day. The views were great though and it's great for conditioning. We only saw two bikers, and two dog walkers. Also two deer, some quail, and a small snake.

Absolutely beautiful and great for dogs! Due to the steep terrain, It isn't heavily trafficked, and you hike through several distinctly different microclimates. I would not rate it as hard. I think it should be rated as moderate.

Really loved the hike! Lots of shade so great for a hit day. And views of the city were spectacular!

It's a boring trail but great workout. As you're going up you're facing away from the water so you don't get nice views going up. Going down you get a bit more views but not that many. There isn't a lot of shade so if it's hot bring lots of water. I wouldn't rate this as difficult, it's a moderate hike.