If I had done the route, I doubt that any of the bolts would be anywhere near the current locations. The climb was not horrible, but the line was not up the dihedral, it was to the right. A fall at #2 would break anyone's ankles into the tufa pile at the bottom. As John said, the first bolt ought to be to the right and up slightly, while the second bolt ought to be lower and right, and what the eff with the location of the chains? Completely unnecessary hardship on hung draws over the edge.
Stellar. Upgrading my opinion today (Nov 2010) but downgrading the grade. My partner and I felt it was pretty easily 5.9, clearly easier than El Presidente. But the start can be climbed less-than-most-easily. I traversed the bulge a little on jugs, then got good feet and went up.
Runouts are pretty big but well designed--falls unlikely. Only negative is bolt 1 is place poorly, deep in the dihedral, causing wrecking ball falls. Move the bolt onto the bulge.