Probably the coolest (and longest) hike to the top of a viewpoint in the area. Mount Baldy is situated just south of Lake Bailey and offers views of Eagle Harbor, Lake Bailey, Mount Houghton, Mount Bohemia and the surrounding areas. I've heard that it's possible to see Isle Royale on a particularly clear day too. I'm not sure if you're allowed to camp here, though if you do decide to I'd recommend making camp a bit away from the cliffs as they're pretty windswept and you tent could very easily blow away.
To get here, take US-41 north to Phoenix. Continue on US-41 for 2.6 miles and turn left onto Eagle Harbor Cutoff Road. In 5.2 miles you'll see a parking area on the right side of the road. Park here. To get to the top, hike the two track in to the Nicole Bloom Memorial Trailhead (about 1/4 mile) and take the trail to the top (3 miles in, 3 miles out).
Big thanks to Anderw Dubay for his photos!