Picnic Grove offers a one-stop venue for all of the outdoor activities that city-dwellers from Manila (and beyond) usually associate with Tagaytay: horseback rides, nature walks, picnics, the works. Because of this, it's frequently crowded and feels over-commercialized.
If you can deal with these *major* shortcomings, then by all means, check it out. It's not unpleasant -- the crisp mountain air definitely helps -- and the grounds offer wonderful views of the disappearing rural greenery.