I largely agree with John, but with a few differences.
I’ve just come up from there in Oct/Nov ‘18 (Colombia now).
There is a lot of tar but there are still lots of areas of ripio, and they can be in the tougher stretches as they are the hardest to reach. Some of the mountain passes are first and second gear ripio switchbacks and the trucks cut the gravel up as they grind around but it’s brilliant riding. And I’m not some off-road hero; I’m on a heavy bike, two up but it’s doable and really increases your self confidence once you’ve done it. The Chilean ripio was described to me as largely made up of volcanic ash. This gets compacted and graded and is pretty easy to ride on, even in the wet. It isn’t clay or mud and holds together. The Ruta 40 ripio on the Argentine side is pebbly and can rut up so it is harder to ride on.
The landslide at Santa Lucia still covers the town but they’ve dozed tracks through it so that you can get to all the roads. I would definitely recommend going up to Fatuleufu and over to Esquel, either going or coming back as these passes are marvellous. Bariloche back to Lake Puno is another beauty.
Heading south, the ferry from Tortel/Yungay to Puerta Natalie’s is very good. You ride the whole Carretera Austral and then sail down through the fjords when it runs out. Two nights, good recliners, three free basic meals each day and great scenery. The bikes are secured well.
I don’t know about the ferry from Natales up to Puerta Montt but what kind of lunatic would take a ferry past one of the world’s classically beautiful, unspoilt regions? I met one bloke who had taken it but he was afraid of pretty much everything. He had a truck air horn to defend against other drivers, pepper spray for dogs, stun gun for people etc, etc.
Down to Ushuaia if you want and then come back via Ruta 40 and hop back and forth over the border, which is free and friendly. Actually, everything is free and friendly from the Chilean lakes down and up the other side.
Have a great ride, take waterproofs, watch out for the wind on Ruta 40.