We did the ride for the Elephant Festival, 14 February 2009.
Happy Feet is right - the road Vte to Sanakham is getting repaired - the first 70kms or so from Vte is fine, but there are a few spots in the last 20kms to Namhi that are still being repaired but nothing too hairy. From Namhi to Sanakham is fine. The ride takes about 4 hours without too many stops on a Baja or equivalent. In Sanakham, there are a string of hotels, and I'd recommend the one just before the turnoff to Pak Lai (big, newer white place).
Sanakham to Pak Lai is a dream tarmac run, especially in the morning for the views.
Pak Lai to Xayaboury is pretty dusty at present, especially a 30km section starting about an hour from Pak Lai. Deep, thin, tricky dust. Pack a face mask/goggles. There's a bit of traffic too that churns things up. Again about 4-5 hours on Baja or equivalent, without too many stops.
There's a great natural spring on the west side of the road between Pak Lai and Xayaboury, about 40kms from Pak Lai. Worth a stop and swim. There's some salas there to rest in.
Apart from the hotels in Pak Lai town, there is also a nice place about 25 kms north of Pak Lai on a stretch of river, that's quiet and good for a swim.
If you'd like more info, just PM me or reply.
Chris