I would call this more of a walk than a hike. However it does involve a bit of scrambling especially as you get deeper into the canyon. From the map it looks as if you can get all the way to the Rio Grande River. About halfway to the river, it becomes impossible to go further without ropes. The park does not allow canyoneering as far as I'm aware.
If you have ever traveled to Utah, this place would seem like it is straight out of Zion National Park. From the trailhead, the canyon entrance is not apparent. After a short walk, the imposing walls loom overhead. From the entrance, the trail runs roughly a half a mile into the canyon. Parts of the canyon can be slippery after rain. I would say that the risk for a flash flood is generally minimal, though of course rain even 80 miles away can cause a sudden flash flood. It's always good to check the weather in a large area to know whether there's a risk for flash floods.
There are many opportunities for photos deep in the canyon. obviously the light can be tricky. It is a north-south oriented Canyon so some of the better light can be at midday. When I went to is fairly cloudy though this actually help with some of the photos.