We did the sunrise balloon ride and it was totally worth the expense. Our pilot, Pat I believe, told us that they have riders who comeback on an annual basis and I totally get why.
Horizontal and vertical movements were smooth so no worries if you suffer from motion sickness. It was nice to see desert wildlife as we soared over the landscape. We could see balloons from other companies in the distance, but they didn't appear to venture as high as we did.
I don't when I'll be back in the Phoenix area but I would definitely do this again. FYI - it gets a little chilly around 9000 ft so dress appropriately.