Backpack to one of the most iconic spots in all of Colorado (mirror lake below Lone Eagle Peak). Hike through a basin without trails but full of flowers, wildlife, and scenic mountains to explore. One can ascend class 4 Lone Eagle Peak or several other class 3 and 4 mountains in the area and enjoy great fishing and swimming in Crater and Mirror Lakes.
Start at the Monarch Lake trailhead (where there is a $5 parking fee unless you have one of the national lands passes) and follow the cascade creek trail around the north side of the lake. After about 1.5 miles the trail splits with the Arapaho pass trail, follow the cascade trail to the left as it rises through the forest. The trail continues to rise steadily in places and moderate in others until the split with the Buchanan Pass trail split at ~3.5 miles.
At ~4.5 miles you will reach Cascade Falls. A series of beautiful cascades that make for a great break spot as the next mile or so will be steeper than most of the trail to this point. There are four falls along the trail, each with a spur to walk out on. After the falls the trail switches between forest and beautiful meadows (filled with flowers late in summer) until the split with the Pawnee Pass trail at ~6.5 miles.
After the split (continue on the cascade creek trail, which will be to the right) you will continue for another (often steep) mile to Mirror Lake and then Crater Lake. There are campsites (permit needed) around both lakes and there are no bad views in the area. Once at the lake(s)/campsites feel free to explore the basin. There are no trails beyond the last campsite on Crater Lake but dedicated people will find adventure in all directions.
Although Lone Eagle Peak is the main attraction, there are several really interesting and fun mountains you can scramble up around the cirque. Be careful though, some of the terrain is loose and there is no trail. Careful route-finding is important as well as comfort on difficult terrain.