Have driven / ridden that road a few times over the years. First drives were in the '80's, then it was mostly gravel and corrugated, shook the family wagon that much the under-dash cassette player fell onto Mrs W's feet, wasn't very impressed.
Recent rides were on the way home from the 2013 Ulysses AGM at Maryborough QLD, and on the way to the 2015 OzSTOC AGM at Toowoomba. Earlier this year the road is very good, wide formation, well cambered corners and well maintained. There were a few large potholes (nothing to worry about if you are travelling at under 110km/h), not much traffic, didn't notice any timber trucks.
If you have time, you could do worse than visit the Museum of Interesting Things at Nymboida - allow at least an hour, more if you can spare the time. It was open in 2013, but not earlier this year - so I'd call before if you are interested.
https://www.youtube.com/watch?v=wAlBkTknJyUTo whet the appetite, here's a bit more:



Must've been an important to provide a decent coach service between Grafton and Armidale.