It only looks this hard from Carillon. As you get to the saddle the angle looking up eases considerably, and the exposure is moderate as well since the easiest route is generally right (north) of the crest.
The exposure does hold your attention throughout the ridge traverse. In many places slipping is not an option. I do think it is 3rd class (when dry), though, since there are always good handholds and footholds to be discovered.