If you decide to drive the full length of the road within Bryce Canyon National Park (which you most definitely should do) you will ultimately end up at 9115 feet above sea level at Rainbow Point. Rainbow Point is the focal area of the parking area, but be sure not to miss Yovimpa Point which is to the right of the parking lot when you first enter.
Even on a clear day in winter, Rainbow Point can be quite cold due to the elevation, and especially if the wind happens to be blowing that day, so be sure to dress warm. The overlook gives a wonderful view of Bryce canyon from the far end and makes the drive out there well worthwhile. Here are a few photos I took on a recent trip out there: