First time up Hood. Was aiming for the 'Old Chutes' variation but this little chute looked pretty attractive. Agree with the gear recommendation. I solo'd this with 1 axe and glacier crampons and it was a little sketchy. I'd consider this a great alternative if one of the other main routes is crowded and you have the gear for it.
Edit: Total time to summit from the parking lot was 4hrs. I estimate the time in "The Chute" to be 1.5hrs. GPS tracks posted to http://www.wandermap.net/en/route/3475647-mount-hood-south-the-chute-and-old-chutes-variation/