I hiked up from Pine Springs and looped around stopping at Bush Mountain and Tejas camps before heading down Bear Canyon. Two things I'd suggest, one: pack water, and lots of it. I was there last September and the temps in the lower elevations were still in the 90s. Two: go with some hiking shoes with thick soles as the trails are very rocky. I used trail runners and Bear Canyon killed my feet.
Don't know much about Carlsbad except to say that the caves were pretty neat. I haven't been in too many caves so I can offer a good comparasion.
Bottom line is that I loved Guadalupe. As mentioned in an earlier post its a remote park (I drove from Dallas), but well worth it. I plan on heading back this October/November to see McKittrick Canyon and all of its fall glory.
