Completed this 3 days before Christmas. From west to east, had no traffic in front for the whole trip until reaching Thredbo and then still very little to speak of. Just need to be aware of on coming traffic venturing onto my side of the road on some corners and a few spots where the road was dirty from cuttings being redone. The Alpine way was just delightful and the scenery and elevation changes were spectacular. I can´t recommend this enough, ticked off the bucket list, but would gladly do it again and again.
Grippy road surface, and unending tight corners this is a great way to make your way over the ranges and wear down those chicken strips.
I personally prefer to do from West to East so the tight corners are your uphill run, with the downhill run using the wide, smooth fast corners on the Thredbo-Jindabyne run. (Plus by going West - East you avoid the $6 NSW parks entry fee ;-) ) but have found either direction a delight.