The sights here are on par with anything else on the CA coast. I've been all the way up and down it, and though some places might be more famous (e.g. the 17 mile drive just a bit to the north) Point Lobos can't be beat for its sheer wild beauty. There's lots of wildlife in the area, plenty of hiking opportunities with well-worn trails and lookouts, and paved roads for easy access. Some of the trails are a bit steep and rocky, but others are easily accessible to anyone on foot. You can see a good portion of the area in an hour, but 2-3 would be better if you want to cover it. It's also apparently a great spot for scuba diving if you're into that, and they have some ramps where you can get in the water (saw some guys doing that this last visit).
It can get a bit chilly in winter or late afternoon, so dress warmly. The trails and points of interest are well documented and signs tell you how long and how strenuous the hikes are. Rangers and docents are on hand to answer questions.
Note: the signs said parking lot full, but there was plenty of space inside. I think they just don't bother to change them, because it probably usually IS full. Drive up and find out. On the flipside, if you don't mind walking a bit you can park on the side of the freeway and just walk in, which will save you $10 (there's no fee for walk-ins). However, this can add quite a bit to the hike. If you don't have much time or don't want to walk far, try to drive in.
This review is the subjective opinion of a TripAdvisor member and not of TripAdvisor LLC.