I've wrestled with this issue since I started the blog: how to describe the difficulty of a trail in terms that are not completely arbitrary. So far, my approach has been subjective expressions like: "So easy, my two-year-old can do it," or "I got winded on the assent carrying the baby in her backpack," etc...
I encountered a trail rating system that I like and will be using in all of my forthcoming posts. The system employed by Jerome Malitz in his excellent book, Rocky Mountain National Park Dayhiker's Guide. The number "ranks the comparative difficulty of the hike by equating 1000 feet of elevation gain with a walk of 2 miles of average difficulty and then adding this to the number of miles required for a round trip." (pg 10)
Using this system, the hike at Mt Falcon Open Space from the trailhead to the Presidential Retreat site and back, including the side trip up Two Dog Trail ranks 4.8.
According to Malitz, the comparative difficulty coincides to the numerical rating like this:
1.0-5.9..........Easy
6.0-9.9..........Moderate
10.0 and up...Difficult
Be aware that "comparative difficulty" is still somewhat arbitrary. You will want to consider you own physical condition, taking into account your ability to acclimate to the altitude. And it never hurts to "ramp-up" your hikes. Start with one that ranks as a 3 or 4 and see how well your entourage tolerates it.
If you're going to be hiking in RMNP, consider purchasing Malitz's book. I also recommend The National Geographic Trails Illustrated: Rocky Mountain National Park. The map is keyed to the book. Malitz gives great, detailed trail descriptions and the book has some stunning photos. I hope I can take some as good. You can link to Amazon.com from the menu at the right and purchase the book and the map.
Have fun!