Back in the day (d&d 3.0) you could pull the rope into the dimensional space, making the entrance unavailable to anyone outside, and impossible to leave until the rope was put out again or the spell expires. The spell had no weight limit, but could support up to 8 people, and if the rope was pulled inside, it counted as one slot of people.
For a 2nd level spell, this meant that the group could pretty much vanish away from trouble within a few rounds of casting and climbing up. Making camping in dangerous areas a trivial thing at mid-levels, and at earlier levels, it gave them time to breathe, patch up wounds and prepare for battle again.
In pathfinder, what was changed is that we now got a weight limit and no longer can pull up the rope. Hiding here is vague, and honestly what is consideted hiding is up to each GM. Could be mundane hiding, like using the spell inside high grass to obscure its location, or magically shielding the spell from viewers, like using an illusionary wall to make it disapear, which is something I personally would allow.
The rope is still a physical object, so I believe it could be targeted by any spells that can target objects, like invisibility. But that doesn't mean you are completely safe from harm like the previous version of the spell. Which means that the longer the rope, safer you are until someone who found it climbs it up to cause trouble, but that also means its a longer fall in case they decide to break the spell.