I completed Trail #1 and #2 yesterday, and they were both great, pretty similar actually. Both are ravine trails, where the trail is essentially the stream bed. Hiking in a ravine stream bed is a really fun and unique hiking adventure. Walked away with an appreciation for the name of "Shades" -- the mid-day light is very different and beautiful down there.
Trail #1 features more shale rock in the trail, which is fun to walk on. Be sure to wear wear waterproof boots, and it's not a bad idea to keep a back-up pair of socks in your car for afterwards. It is still early in the season yet, but we didn't see any other hikers on the trail.
Protip: When you start out on the trail, and get to the loop, turn left, go down the stairs, and the first main attraction is the Silver Cascade falls, and then you'll hike up the ravine. IMO much better to go down those very steep steps than back up them.
Awesome views! We started the loop going right and enjoyed every minute of this trail. The most difficult part for us was actually the steep staircase at the end of all things. Might actually have been slightly easier taking the loop clockwise at the beginning if you're worried about difficulty.