Secluded hike down a canyon
There's actually two different canyons you can take on the Bear Sign #59 trail. After about 0.5 miles from the parking area, the trail splits and follows two different canyons. If you go left, you will walk down Bear Sign Trail. If you go right, you will walk down Dry Creek Trail. Either route is rewarding. High cliff walls and solitude abound. If you have the time or the inclination, take both routes.
The Vultee Arch trailhead is also at this parking area (about 1.6 miles and 500 feet up from the parking area to the arch).
Sedona has recently instituted a "Red Rock Pass", which is a fancy way of saying you need to pay to play. As of May, 2002, the fee is $5 per day per vehicle. There are plenty of places in and around Sedona to pay this fee and get the receipt, which you need to put on your vehicle dash to keep from being towed.
After you're warmed up from this hike, you will probably want to try one of the other hikes in the Sedona area.