Made this hike with a first trimester pregnancy (my wife!) and our year and a half baby (27lbs.) in a TREK baby backpack. The week before opening (April 28) the campgrounds were open and we hiked the entire way around the lake. I'd say that the last two snows and rain last week did some damage to an otherwise fairly easy hike. Parts of the trail were washed away and made for some moderate bouldering/climbing. Not recommended for those with small children, who rarely hike or who don't have four hours or so. There are three or so places where you can find an outhouse along the way. No water or other supplies except at the dock store where you park.
The trail does go completely around the lake and included a few places where we had to cross snowdrift. If you stay near the water or on the clear parts of the trail you cannot get lost. As the trail follows the lake and it's feeder streams there are a couple places you have to go a bit of a ways up a stream in order to cross and walk back to the lake. Only saw two sets of people once we got beyond the first half mile. Very beautiful and scenic. About 5.5 miles round trip but seemed longer due to the ups and downs and scrambling. Highly recommended and enjoyable. With all the lose pine needles, etc. and rougher parts of the trail I'd recommend hiking boots although my wife did it in cross-trainer tennis shoes with only a bit of slippage.
Near the dam (to the right of the boat dock) there is a nice area with small waterfalls to sit (or sit under!) and enjoy the view as well as the cool mist. In the summer it may have more people or they may not be letting out water but it's worth a try and it's easy to miss if you just skirt the lake and don't follow the outlet till it drops into the meadow below! - Apr 30 2001 msequea