Disclaimer up front: This is a very difficult and dangerous trail to ride. It would be impossible to ride it from the bottom up to the top and requires advanced skills to make it safely from top to bottom. Be careful. Know your limits.
The first 2 miles of this trail are nice. Excellent, smooth, flowing, downhill singletrack through meadows. At about mile 2.8 all that changes and the trail becomes extremely rocky, steep, and dangerous.
It basically stays this way all the way back down to Alamogordo. Slick rock, loose rocks of all sizes (think scree), ledges, and pretty steep.
This trail is rideable, but you need to have: excellent bike handling skills, a nimble full suspension bike with lots of travel, and most importantly, nerves of steel. Body armor and disc brakes would be very helpful as well.
If the idea of dropping off a mountain and having your technical skills constantly challenged for the entire 2,800 ft descent is your idea of fun, then this trail is for you.
Keep in mind, when you make it down to the bottom into Alamogordo, you have to get back to the top (and there's no way you could ride up this trail).
Shuttling would be the way to go.