Most of the staff for this 550-room hotel needs to be imported and housed, so service can be inconsistent, but the lake, the facilities, and the activities easily make up for it. There's hiking and canoeing in the summer and skiing in winter. Our little one especially liked the on-site stables, where we could book a guided horseback ride to the other end of the lake and back.
The best rooms are in the Fairmont Gold section, where besides the breakfast and lounge privileges you get a Bose CD player, more toiletries, a 37-inch flat screen TV, and complimentary wireless Internet access. (No mercy on the parking fee though, which is $32 a day.)
Rates start around $279 for the smallest rooms with no lake view in the low season, but can easily top $500 for a deluxe one with a good view during summer or the height of ski season.
But hey, for a setting like this where there's just one grand hotel, sometimes you have to splurge.