I solo-hiked on the Folly Point Track, starting and finishing at the NPWS Sassfras Gate. The hike in to where I camped for two nights took me 3.5 hrs. I left midday and camped at a saddle at 790m, less than 1km from George Mitchell Lookout.
I went out straight after a lengthy rain period, so locating water was not a problem, but the Folly Point Track was very wet underfoot.
Navigation on the singletrack is an issue. There are thankfully many rock cairns. However, you can easily take wrong turns on rock slabs and miss the route as it cuts through small patches of vegetation.
Go prepared with offline and paper maps, and a GPS device. There are also sections in the last half that are fairly overgrown, but nothing like I had experienced on the Mt Tarn Trail earlier in the year. That one has now been thankfully cleared through to Mt Haughton.
There are some technical sections heading out to the point, made more difficult in the wet.
Folly Point is amazing! Seeing that Budawang panarama from the north like that is an incredible sight.
I didn't check out the Folly Pt campsites, but have read that they are still there.