I've rode out to Port Renfrew a few times over the last 20+ years. The road has much better pavement than it used. There are a few spots here and there where you can pull over and get a view of the ocean or the Olympic mountains across the water.
Once you get out past Sooke, the traffic really dies off, and you can often ride for 20-30 minutes at a time without seeing another vehicle. However, at the end of the road you reach Botanical Beach, which is beautiful and well worth visiting for an afternoon. There are also some cheap cabins and campsites, but call ahead to make sure you get a spot in the summer.
Overall, I find the ride a bit boring to be honest, but the little town does have some great nature hikes.
The section of HWY from Sooke to Port Renfrew has not only been resurfaced along most of it´s length but has also been widened in serval key sections in recent years. I have only seen a police presence within 15-40 kms of Sooke, so virtually non-existent on the rest of the tour. Hazards include tight twists, wildlife on the HWY, and weather conditions can change rapidly along the route..you can ride to PR in the sunshine for lunch, and have to ride home in the poring rain :(. Apart from that, the route is as mentioned in the previous review.
This is a great ride along the coast and through the forest. Road surface varies but generally okay. Watch for wildlife, deer, bear etc. Can be cold with ocean breeze. Some nice rivers to stop at and relax with a sandwich. Pub and a couple of restaurnats in Port Renfrew. NO GAS along route. If you are stuck you can get some gas at the marina in Renfrew but it is off the beaten track.