Update: as of June 2021, the hand tram has been closed indefinitely. This makes the logistics of the hike somewhat more complicated than it used to be, as it can no longer be completed as a point-to-point hike.
This is a relatively easy hike through a thick, lush forest. There are foot bridges over several gorges that are very cool to see, and a great place for photos.
Originally I would have rated this hike a 4, but now that the hand-tram is closed, I feel like I have to drop that down to a 3. It's still very scenic, but has lost some of its' luster.
For those who enjoy a nice rainforest hike it is beautiful. It is also different from most of the other hikes in the Chugach in that it is fairly level, which is appealing to those who dislike too much elevation.
Go south on the Seward Highway from Anchorage to Girdwood (~40mi). Turn left on Alyeska Highway at the Tesoro.
To start from Crow Creek Road:
Now that the hand-tram is closed, I have a hard time recommending starting from Crow Creek Road, as the most scenic parts of the trail are now inaccessible if you start from that end.
However, if you'd still like to give it a go, as you're approaching Girdwood, turn left on Crow Creek Road. Follow the gravel road about 3 miles, and there will be a large trailhead parking lot on the right.
To start from the resort:
Take Alyeska Highway ~5mi to the T-intersection at the base of the ski hill. Go left and follow it all the way around to the resort. Keep going to another T-intersection. Go left again to the resort parking area. Walk back up toward the tram terminal at the resort. Walk past the tram terminal as if you're going to walk up the mountain, and almost immediately you'll see the trailhead well marked to the left. If you have any trouble, any resort staff will help you. ~1.5 miles in is a T-intersection. To continue on the main trail, go left.
The Alyeska resort is a great place to hang out and have a drink after the hike. The bakery down the hill is a worthwhile stop as well. Other great choices for a drink in town are Chair 5 and Maxines.