We've been a couple of times and both me and her have really enjoyed it. The park has something for everyone - I spent a lot of time scaring the crap out of myself on the double blacks, she loved the greens and the blues, but could alsoride some of the single blacks at a cautious pace.
The valley trails are damn fine - some of the "XC" routes are truly hard - supertech ups and downs, often only deperated by feet. Lots of climbing with your saddle down and descending in the granny ring.
Tyaughton and the float plane trip is well worth a couple of (expensive) days. *THE* North Shore is a must too. There are a lot of mental trails, but there's also plenty that are almost sane. It's worth riding CBC, whatever your level, just to see how good a "man made" trail can be.
Squamish and Pemberton have some top notch riding too, but you will need guides to find the trails there.
Kit? Just about any bike will do, but a decent 6"&6"er should be able to deal with nigh on anything. Use the biggest, toughest, stickiest tyres that will fit, and flat pedals are worth it too. Armour? Yup. How much is up to you. Other than pure XC days, I always went for the full storm trooper look, and I think it saved me a few trips to the hospital.
We went with T2R, but that was before it changed hands last year, so I don't know what it's like now.