I say - great riding there, but wrong time of year. It's way too hot. Go to Durango or Telluride instead, or up into the real mountains around Aspen/Leadville/Vail.
That said, if you do ride in Moab, the La Sal Mtn Loop is great. The new pathway is stupid - about 2 miles or less. You'll be on the regular road. The road at the top of the mountain on the north side is horrible - bad pavement - so it might be better to do the loop clockwise, but I only did it the other way, so I'm not really sure. Clockwise might get you better wind direction as well - again, not sure as I never go to Moab in July.
Arches out and back and Island in the Sky/Deadhorse Point are also excellent rides. I've always wanted to do a loop out of Monticello up into the Abajo mountains, down to Hwy 211 and back around. No water out there though - might want to pre-stash some if you have a vehicle with you.
Seriously, wrong time of year for Moab.