I visited Mandalay Hill in September 2012, and found it definitely worth the visit. I walked barefoot to the very top of the hill, however, the best views are the first few stops along the way, so if you are in a rush, don't feel like you missed out on a lot if you didn't go to the zenith. There were very few tourists in my hour long climb, and mostly just locals selling their wares (they weren't pushy by any means and mostly ignored me). There are also fortune tellers if you are into that sort of thing.
Be aware that there are two entrances to go up the hill, and it's very easy to go down the wrong one on the way down. If you do go the wrong way down, as I did, the walk is only about 5 minutes, although it can be a pain because you're bare foot. There are motos who can take you to the other entrance for almost nothing.
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