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I completd a Philmont 98 mile trek in 1997 with my father - we both enjoyed it immensely and it is one of my fondest memories with my father.
I agree with the folks who said be in good shape to enjoy - my dad (46 at the time) and myself 16, were in excellent shape as I was a Cross country runner and he had been running for about 2 years prior to the trip - and we both lost about 15 lbs off our 200 lb + frames! Up and down mountains with a 40-50 lb pack is not the time to find out you need more exercise in you life... I typically cycle 1hr 3X per week (because I don't like running) with 1-2 weights sessions; if I were going to Philmont this summer I would add some runs into my PT routine get my joints up to the strain.
One gear recommendation: Gaitors - my father & I did not have them (we had rain pants instead - which were a waste of volume & weight), and gaiters are easy on & off in the early morning dew or work great for hiking in the rain with a decent lightweight poncho. Rain pants are a PITA to get on & off and are too hot for hiking IMHO. Don't make the mistake of thinking there won't be any rain - get good, multifunction rain gear & a pack cover.