There's a lot of great info on the trail already posted up here, especially be Reanne, but I have a couple of things to add :D -
A friend of mine in Victoria and I did half the trail last February in a day, and I would say that it's definitely do-able in two depending on the trail conditions. When we went there were a couple of landslides between Sombrio and Chin beach that had taken out the trail, and that were… tricky and definitely slowed us down a lot. I'm not sure if they got cleaned up over the summer, but even as they are it's not too much of a challenge. Example:
Other than the landslides/slumps (that they might have cleaned up), I've read on the BC Gov website that it was designed as an "All Access" trail after the Commonwealth games, so most of the rest of the trail is a pretty easy walk/hike.
I think that this summer we're going to try and get an early start from Botanical beach and meander our way south to Chin beach on day one with pretty light packs (no tent), camp at the emergency shelter on Chin beach the first night, and then finish it off on the second day with another long meander.
At least… that's the plan.