Most of the trail is indeed easy and doable in 2WD, however there's usually mud on Soda Lake, and a few sandy spots where 4WD and aired down tires will come in handy. Airing down will also make the ride more comfortable.
Don't go alone (have at least one other vehicle going with you), and carry extra supplies for you and your Jeep. At times you'll be many miles away from any services or supplies.
Take a look at this thread.
Mojave Road Friday 11/18/11 - Sunday, 11/20/11
It has gps tracks and waypoints for a lot of the stops and for a few camping spots.
If you have a group of more than 7 vehicles or 15 people, you'll need to apply for a Special Use Permit
which costs $50.
Call the NPS at 760-252-6100 to get current trail conditions, in particular 1)If Soda Lake is passable (not too muddy), and 2)If the water crossings are passable (not too deep). Monitor the weather forecast and be prepared for cold and possibly windy nights. Bring 5 gallons extra gasoline just in case.
Have fun and be safe. I can't wait to do this trail again.