If you enjoy Squaw and Camelback you'll likely enjoy this hike too. The hike starts off from a good sized trailhead that includes decent restrooms. You start off heading due south down a path that is inline with 40th Street. The wide trail is flat and gravely because it was obviously an old road or perhaps a jeep route continuation of 40th Street.
On your right is wide open and relatively flat land that extends over to the Squaw Peak conglomerate. At 0.35 miles in you cross paths with Trail 100 where it squeezes through the mountains to Tatum. I was a little in ahh, since I thought I was hiking new terrain only to realize I've mountain biked past this intersection many times in the early 90's.
The hike continues easy going to 0.5 miles where you finally start up a slight grade. It's barely noticed though and won't have much effect on you. At 0.85 miles in things change. Here you're eased into a grade more reminiscent of Squaw for the final 0.4 mile push to the top. It seemed more harsh with the easy approach under the belt and the soft peak looming up to the left. In reality it's easier numbers wise until the final ascent. This hike has it's own characteristic in that it's progressively steeper as you go.
The peak itself is immediately up to your left when you reach the ridge. The views are as good as Squaw or Camelback as far as city viewing goes. Looking over to Squaw in the afternoon sun isn't good for photo ops. So if you're coming to view your old friend Squaw remember to do this as an early morning hike.
Personally I liked this hike better than expected. A combo of Squaw, 2429 and Echo Canyon in one day would be fun too.
2013 Update The PHX Mtn Preserves named the peak "Dixie Peak".
2014-03-04 Correction - urban hikers stenciled the name on an existing post. The preserves used the name in their summit challenge... hence the 2013 assumption. It's on their agenda to make a decision. Currently this is not an officially recognized trail.
Check out the Official Route and Triplogs.