The GPS coordinates have been corrected so that they now reference the parking lot at the southern end of the reservoir. Thanks for pointing out the error.
First of all, I would like to extend thanks to the initial reviewer. The description of the trail and its landmarks (especially the pointer to the old hematite mine) is excellent. We had no trouble finding the landmarks and following the (recently) painted trail blaze marks.
I would not characterize this hike as "moderate," however. I would classify it as "difficult" or "very difficult." The reason for this assessment is that this trail involves walking on and through endless numbers of boulders, ranging in size from the size of your shoe to the size of your car. Our family was constantly negotiating, stepping on, or hopping from rock to rock to rock.
Add to this the fact that this trail goes up, down, then up, then down, then up, then down, and up and down over and over again, all the while doing it while stepping from rock to rock. See, the heart of this trail is to get from one ridge to another by walking through the boulder-strewn valley and stream between them. They are significant climbs, both up and down.
The reviewer mentions some stream crossings that may have high water. I would add that if it's been raining lately, these stream crossings might well be impossible to navigate safely. On a hot July day, they were easily passable. I would not want to be there after a heavy rain.
In summary, I would say that this trail is more of an "obstacle course" than a "hiking trail." It's a beautiful obstacle course, with great views and beautiful natural scenes. But, an obstacle course nonetheless. Be prepared for this obstacle course with plenty of water, food rations, and most importantly excellent boots. Try it, just try it knowing what you're getting into.
ADDITIONAL WARNING ABOUT PARKING: It would seem that the town of Rockaway is mostly funded by issuing parking tickets along the Split Rock Road. We saw dozens of cars with parking tickets awaiting their owners. The small parking lot just past the one-lane dam road fills quickly. Get there early, and if you can't park in that lot, DO NOT PARK ON THE ROAD. It'll cost you $115.