To put it simply, this adventurous loop is absolutely fantastic. Not only is the company excellent, but each of their guides brings a unique flair and has an amazing level of understanding and willingness to share, not just about the things in front of you, but about the broader context. They truly care not only about your experience, but about the country and the people (and animals) in it.
Cotopaxi. Absolutely astonishing to have done. Not only are the views (weather permitting) absolutely breathtaking throughout, but the sense of satisfaction upon reaching the camp is amazing. It is a harder hike than you think. Take your time, listen to your body, and drink the coca tea - bring leaves to chew on and stick up in your gums. We had a group of 7 (plus the guide), one almost turned back partway (I gave him some leaves and he made it) and another got sick at the top (but was otherwise fine). Carlos was our guide and he was stupendous. He was funny, knowledgeable, honest, and - when folks were struggling, was a great coach and encourager. We were so lucky to get him for this day in particular. I almost forgot... feeding the animals carrots at the restaurant after a day of hiking is truly a special joy.
We stayed at Chuquiragua Lodge in El Chaupi overnight. Rooms are inexpensive, but are basic accommodations, and the dinner was fairly expensive. But, absolutely gorgeous views in the morning and cute cows. Great place to relax in the quiet after a long day.
Quilotoa. We had 8 or 9 folks in our group this day. An example of this company being excellent is that they tell you the truth about the horses/mules - don't ride them - they are abused. It is a harder hike than Cotopaxi if you go all the way down and then back up, so assess your situation and plan accordingly. The best views are from the top anyways! Stopping to see Julian and in Tigua at the gallery was a great mini-cultural tour. Julian is a Quichua man who has lived in the same rural hour for 50 years - he is clearly very proud and excited to share about his life with visitors. I feel very lucky to have met him.
Long ride to Baños - we stayed at Hotel Donde Ivan. Baños has a TON of good food and a great night life - since we didn't have to go all the way to Quito and back for the next day we were able to enjoy it. Hotel Donde Ivan is a good value - the breakfast is great - the rooms are basic, but the price is right.
Baños day - we had Alejandro. Maybe it's that it was just my one person, my friend, and I, but Alejandro was our absolute favorite guide. Willing to chat about anything, adapted on the fly when we didn't want to go ziplining and wanted to do a hike instead - knowledgeable, patient, not impositional - just fantastic. The "swing" is a bit touristy, but you can't help but feel a little bit of childlike glee while doing it. The candy factory is a fun mini-tour and honestly a great place to get treats to bring back home. The waterfalls though. Pictures can't capture the majesty.
You can hypothetically book each of these as separate tours, returning to Quito each day. Most people do that. Let me tell you that they are FOOLS. This is ABSOLUTELY the way to go. Less time travelling, more time relaxing, sleeping, and enjoying yourself. It is a jam-packed three days but you will have a fantastic time and really get a feel for what the highlands are like.
This set of tours has turned me into a brand evangelist for Ecuador - if you're thinking about it, just do it. You wont' regret it.