The view from the peak of Prospect Mountain is absolutely amazing. You get a 360 view of the entire Lake George. It only costs $8 to entire the Prospect Moutain Memorial Highway which includes your car's drive to the parking lot and the viewmobile (bus) that takes you to the peak. If you plan on hiking, I'm not sure if you need to pay the $8. Don't cheap out, it's well worth the price.
There are a couple overviews on the way to the top so you can stop you car and take a couple pictures. But when you get to the parking lot, be sure to take the viewmobile to the summit. It's absolutely amazing. I recommend you pack yourself a nice lunch to have at the peak.
If you can, try to go the day after it rains. That's usually when you can get the best visibility. You will absolutely love it. But don't worry, even if the visibility is not 100%, you still get great views.
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