I don't know what it would be graded at Rifle but I do know that Matthew NM had this ruthlessly wired and as anyone knows once you've done a route a bunch it is easier.
That being said areas are different and Rifle is very beta intensive. Also grades at Rifle are based on red-point difficulty which is not always the case at all areas and as such involve using perfect beta on every move to be climbed at the stated grade. This is the biggest reason that untill this last year the hardest on-sights at Rifle were "only" 5.13c as opposed to multiple climbers knoking off 5.14b's first go elsewhere in the world.
By George Perkins Administrator From: Los Alamos, NM Jan 13, 2009 rating: 5.12a PG13
Many stickclip the 2nd bolt-- which is common style at the Dungeon because near-ground falls are a possibility since the ground level is much higher than when the climb was put up before the fire changed the course of the stream. With this style, the crux is essentially toproped. People climb Against Nature (as well as various other climbs here) in the same way, with a stickclip on bolt 2 to protect the crux, for the same reason (falls at the crux result in ground falls or very close misses). edit: I've added a PG13 suggestion for ground-up, no stick-clip leads, since falling from 10' up is a possibility if you blow the 2nd clip.
Steep/overhanging climbing like this isn't my strength, so I have trouble deciding on a rating for it. I think it's harder than 11d/12a's at El Rito, though.
I'll also add that this climb is really cool and worth working on, even if you've never tried a 5.12 before, and it gets easier as you learn the beta.
I was just on the route today (had climbed it a couple of years ago, so it wasn't fresh in my mind til now), and I have to say that if it were on the golf wall in Durango, it would probably clock in at 5.11+. However, this is New Mexico, which (aside from perhaps El Rito) has ratings that seem to be about average among places I've climbed. This route would get 5.12a at Palomas, White Rock, Socorro, and Datil, which I think are respectable yardsticks for NM (and most places in the U.S.). It's silly that this site gives the climb a rating of "consensus: 5.11d," when 7 of 8 people who rated it gave it 12a. I think that the median grade is more appropriate than a skewed mean when you're trying determine a composite rating (and I should point out that the "consensus" process is not operating at all in this site's rating system).
Hey, wait a second! Seems like my 12a rating (just added) must've pushed the "consensus" up a notch. Now I can drink my beer in peace.
By Robin From: Albuquerque, NM Apr 28, 2009 rating: 5.12a
Well for me I consider this to be a 5.12a. That is only somewhat influenced by the fact that this is the first 5.12 I have ever done. But as Dave mentioned, I think it is approximately as hard as many 5.12a's around the state.
Either way you grade it, it is a wonderful and fun route. Well worth a climb or two. (or in my case 5 weekends of working it into submission)
By J. Albers From: California Jul 11, 2009 rating: 5.12-
This route is 5.12- (a/b, whatever), and it would be at any crag I have climbed at in Colorado, Wyoming, New Hampshire, California etc. Maybe more importantly, this is an absolutely beautiful and fun route to do. Always been my favorite 5.12 at the Dungeon.