Though one can merely drive up to the car park and walk the simple path to the Rifugio Lavaredo and see some beautiful views, you have to at least walk up to Rifugio Locatelli to see the Tre Cime from their classic angle. But for those physically fit, it is much better to do the full circuit and not only circle the Tre Cime massif but to also explore the positively lunar valley the forms a figure eight around Rifguio Lavredo. Pick up a copy of the Cicerone Guide, Walking in the Dolomites by Gillian Price. The hike is a ten mile full day adventure or break it up by staying in one of the rifugios and enjoy all the mountains have to offer!
Even if you dont like outdoor activities much, you will never be disappointed here. Just sit somewhere and look around, your eyes will be filled with the Dolomiti beauty. Looking north you will see the famous peack Tre Cime di Lavaredo, on the west side Monte Cristallo and its 3221 meter of altitude, looking south Col Martoira, East side Cadini di Misurina.
The lake is very peaceful, better if you arrive early in the morning.
All around the lake there is a easy trail you can walk. You will see all the different scene around the lake. There is not much fish in the lake as it is not so deep and i think it will freeze all the way down during winter, still there are many duck famylies swimming around. 2009 have been a very cold winter, they got over 6 meter of snow and in middle July there was still a lot of snow on the peaks nearby. The view is wonderfull all around.
Just walking around you will see a all lot of wild flowers. They are all beautiful and "fotogenici" :-)
I had a lot of fun trying to take a picture of all kind of them without falling in the water!!