It's a great area, but I have three caveats for visiting it.
First, and most important, once you arrive, you need to be very careful. The sandstone is extremely, repeat... extremely fragile, so please be careful. Be careful where you drive, park, and walk there. Try to touch as little as possible so it's there for the next person.
Second, the best time is about an hour to an hour and a half before sunset, but it will be a little cooler in November than much of the year so you might go earlier and you'll still get great photos then. Approaching sunset, get out before it gets really dark as you'll be off road and you want to make sure you get back.
Third, getting there is off-road and the two washes and the riverbed you'll be on are not great to say the least. You must have a 4 wheel drive vehicle. I don't recommend the typical all wheel drive SUV. They are street vehicles and may be good for getting through snow, but they aren't cut out for this. You need 4 wheel drive and plenty of undercarriage clearance. I know a couple of people who went there and even with a 4 wheel drive vehicle killed a couple of shock absorbers. If you don't have that kind of vehicle don't bother to go.
My original intention was to get over there late afternoon and stay overnight to have an opportunity for making pictures before sunset and at sunrise. I will reconsider that since you told the best time is just hours before sunset. As for the ‘road’, yes I am aware I need a 4 wheel drive to get there, was looking to rent a jeep in Las Vegas's airport, not a lot of rental companies have that kind of vehicle. Looks like only Hertz and Fox have it, do not know if they allow to take them off road.
This place sounds interesting -- where exactly is it? We will be living in Death Valley this winter and I'm always interested in interesting excursions in Southern Nevada.
We have a suitable vehicle and lots of back country experience. What is the altitude there?
Vlad -- make sure you have a clear understanding of the rental company's policies and restrictions. And be aware that having to get towed out of the back country can be VERY expensive. Discretion can be the better part of valor in these situations. Death Valley just recently had two vehicles break down in difficult places (one of them a rental "city SUV" like Ned is talking about). One tow was reportedly $950 and the other over $1200. And that's before dealing with the rental company!
Yes the best time is when sunset is approaching as the way things are lit is amazing, but if you can take the heat, get there earlier and you'll have very nice opportunities. The big problem for people is getting out safely after dark, before it gets too dark, and not harming the area when you can't see it well.
If you can stay, the potential for night shots is excellent because of the distance you are from Las Vegas. Not much immediate light in the Hobgoblin's Playground sky.
There is good opportunities at sunrise too, for those who stay overnight.
As to camping there, it has no facilities whatsoever, so you have to bring everything, and you've got to be really good and take everything you bring out of there, to be properly disposed later.