I dragged my butt out of the hotel room at 6 am to get to the Sedona airport loop for an overlook point to take some sunrise photos. I got there and it was beautiful but nothing special. I was bummed but remembered on my way up the hill there was a trail so I drove back down and decided to go up this big rock (it was an actual trail) I couldn’t have been more satisfied. The scenic view was wonderful. I was on the rock for nearly 2 hours.
If you ask someone for a great location to see the sunset/sunrise they will tell you about the airport, take their advice and go there, but stop on your way up the hill and climb the trail.
NOTE: during the season there is a fee for parking by the trail.
Airport Mesa is probably the most popular place in Sedona to watch the sunset. What this means is that you will definitely not be alone! In fact, be sure to arrive early to secure a parking space as it seems to fill up quickly. On the night I went, there were easily 100 people there and there was a continuous stream of people driving up and searching for a parking spot. There is a small pull-out part of the way up the hill that has room for only a few cars. This spot offers a short trail that climbs up to a small overlook where you get a view in three directions. It's not as crowded as the main overlook up top and I actually preferred it.