An expansive area with lots of people, dogs and kids. Hike and bike trails line the length of the lake. There is a panoramic view of the Austin skyline of which Lady Bird Lake acts as a reflection pool. There are lots of festivals and concerts throughout the year. The Stevie Ray Vaughan statue is located near the hike and bike trail.
I find the sunrises spectacular there. If you position yourself on the South 1st Street bridge facing East, you'll get the skyline in silhouette and the colors of the sky reflected in the calm morning lake.