This package is everything it's reported to be and more. From the moment we boarded the car that we had been assigned, to the time we stepped off the train upon return to Williams, AZ, the whole experience added a very special element for travel to the Grand Canyon.
My wife and I were pleased with our choice of the Luxury Dome car (one of two, it appeared on this day) for a very comfortable and entertaining few hours to the canyon and back. There are lesser options (such as the "Coach" cars), but I highly recommend the dome car or the first class car if your budget allows.
Rest assured that the timetable allows for almost four hours (in the high season period that ends October 31) for enjoying the park and marveling at the canyon from various vistas, and shortens to three hours or so during the slower season. I found that short hikes, shopping and eating lunch was very manageable in that amount of time.
Although this was a train ticket + lodging package, I will separate my thoughts about the Grand Canyon Hotel to a separate review.