well if you're going for the new age, mystical stuff then go for it. but if you want to see the "west" and not the "next Santa Fe" stay in Prescott or Flagstaff. If you like art I'd recommend Jerome, AZ for a day (or afternoon) trip. Sedona is small and full of overpriced food, galleries, and "mystics." Santa Fe prices without Santa Fe.

Have you read the Rough Guide's entry on Sedona? It is quite hilarious.