Arrived at the trailhead just before 9:30 a.m. and the parking lot was nearly empty. Weather was clear and cool.
The trail starts out very easily: wide DNR road follows the powerlines. Once I got to Woody Trail, a gentle incline past Small Falls turns into a gradually steeper incline until you get to Upper falls.
I had planned to only go to upper falls, but once I got there I decided to continue on to Wallace Lake. This is after reading all the warnings about people getting lost and a newspaper article about two girls who had to be rescued. I think this information is a bit out of date though, because I found the trail very easy to follow past this point.
The only difficult part of the hike after upper falls is the 1/4-mile or so very steep incline from the Upper Falls to the DNR road that leads to Wallace Lake. There are blue diamond markers on the trees that lead you there, and although it's steep and not well cleared like the other part of the trail is, it's short.
Once you get to the DNR road, it flattens out quite a bit and you'll find that there's hardly anyone else around. I only saw one other group on the path until I got to the lake. Once I arrived at the lake, I saw a few other people, but it was not crowded at all.
I wanted to find the backcountry campsites a mile further at Jay Lake, but I somehow lost the path and decided to stay at Wallace Lake. If I could have found the trail to Jay Lake I definitely would have done it, as it seems like a nice place for an easy overnight backpacking trip.