This is a tough hike. There is a reason Foghorn Outdoors has it listed as a 10 out of 10 level hike. They suggest not attempting this hike in the winter without technical experience, I would strongly agree.
The hike to the shelter is a good one and some of the vistas are good, but a hike to the summit, although the most challenging of the trip, is worth the view. You will have some of the best views of the North East. You can see Tuckerman's Ravine on Mt Washington clearly from the summit, which still had snow, and well into Maine.
I would second the notion of doing the loop in a clockwise fashion, coming down the rock face of South Baldface would be extremely challenging, although the decent from North Baldface is no cake-walk.
We did an overnight with camping, not at the shelter, but rather in the pine forest between South and North Baldface. There is no camping above tree line in the Alpine Zone, but between the summits you drop back into a timbered section, which does have a site which is regularly used for camping.
This hike will challenge you both physically and mentally.