This was a really good way to explore the lakes region.
The bike was of decent quality and came with a lock, full repair kit and a helmet. As the shop in Bailoche was closed on Sunday, they let me pick it up on Saturday evening and return it on Monday morning for the cost of a single day.
The circuito chico route itself is pretty after you get about 10km out of Bariloche centre as that part of the road is quite busy with traffic and not a lot of paved area to ride on. The best viewpoint is Punto Panoramico and a bit up the hill from there which look back down to the Llao Llao hotel. Colonia Swiza is a bit kitsch with old style Swiss cottages. On the Sunday I went their was a big picnic area with plenty of vendors selling food with a slightly confusing prepay ticket system.
Overall I recommend using bikeways as they give you good instructions and suggestions and a helpful map. Just beware if you ride from Bariloche and back it is a tough 60-65km ride including some decent hills. They do have the option of picking up a bike at the 18km mark so you would take 36km off the trip.