Yes, the Otago Central RT is an excellent route, fairly easy going, plenty of accommodation options, and very scenic. Also Central Otago has New Zealand's best summer weather generally speaking. Be prepared for it to be hot and dry, february temperatures can be well over 30 degrees C, sometimes even up to 40 degrees.
We did it back in 2002, so things will have changed a bit since then with regard to accommodation and prices. We did it over 5 days, with the first day including the excellent train ride up from Dunedin on the Taieri Gorge Railway to Pukerangi.
The trail surface was generally good, with a few rougher stretches similar to gravel road surfaces.
Water supplies along the way can be limited so carry enough for your planned day.
In autumn (later than you will be there) there are occasional wild apple and pear trees alongside the trail which are a good excuse to stop and fill up on fruit!
Photos :
http://www.flickr.com/photos/rualexander/2698893537/in/set-72157606366692069/