Interesting - Unlike this leader who went left low on the arete, I took a line that followed the chalked holds to the right in this picture and then did a slightly scary ~10 foot traverse over to where the climber is. Anyone who might have done it both ways have a favorite or comment on how the lines differ?
I went up the way Matt describes, but didn't like the gear (though moves looked easy) - definitely not a good way for your second, so I climbed down and traversed lower. The new Nears Guide rates this pitch at 5.6.
I did it the way Matt describes this...going straight up to the small overhang and then traversing left to the arete. Got gear down low and then the only gear I could get was a 00 Master Cam (marginal-ish) just below the roof. From there it's a thin hand traverse with smearing feet. The hands are definitely a full-pad, but you wanna move quickly and get to the arete. If I hadn't found that placement, I would've downclimbed and gone another way. I'd say the variation makes the pitch about 5.7(PG?), but you better have a small cam. It's not addressed in the grey Williams guide.