I hiked this trail in perfect weather conditions today. Since there is almost no information available here I will give a rather detailed review:

1. Despite all remarks below the trail is very beautiful and probably one of the coolest on the Azores. I do recommend it!
1. I went FROM Fajã Grande to Ponta Delgada northbound and I would certainly recommend that direction. Benefits: you start off with the big climb and its easy hiking from there (otherwise you will need a lot of leg strength coming down that mountain at the end of your hike); if you start in the morning you hike in the shade; if it is raining this part will be horribly slippery and you dont want to do it downhill
2. Once you reach the plateau its basically all cattle ground (cows!) and sometimes the trail will be pretty rough and all carved out from the cows hoofs.
3. Because of the up- or downhill (depending on the direction) I would not hike the trail in rainy conditions. Parts of it will be insanely slippery, its just no fun and you get literally no views.
4. Yesterday we had a couple of strong rain showers. Today just sun. All the creeks I had to cross were small. You can easily jump from one rock to the other. No problem for kids even.
5. If you have the chance to get picked up by car I recommend to end your hike at the light house. From there until Ponta Delgada its just road walking.
6. My rating for this trail is moderate rather than difficult. There is no difficulties except for the elevation gain.