Counter-clockwise.
Safer to be taking the blind corners when they are left-handers - means you are leaning towards a known quantity (cliff-face), rather than leaning towards the unknown quantity (right-handers with your head closest to the retards in camper-vans and trucks and motorbikes, all of which are oft sharing your lane as much as their own).
Also it means that on the right-handers, you often have enough visibility to safely pass a car or truck if you are behind one.
Edit: Also, doing it anti-clockwise puts you at the Coroglen Tavern bang on lunchtime.
Editedit: The ONLY reason any of us have been able to think of as to why most people do it clockwise, when it has no advantage and many disadvantages, is because when you arrive at Kopu, it's a free left turn to start the loop, rather than having to wait at the right-turn at the intersection for a gap in the traffic.
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