Ensign Peak is where the Mormon Prophet, Brigham Young, as well as several other leaders of the early church joined together on the hike to the top...2 days after they arrived from their trek across the United States. Brigham Young, upon reaching the top, then proclaimed "Here is the proper place to raise our ensign to all the nations." This site gives you a view of the entire valley from East to West, North to South.
If you haven't been, it is in the neighborhood above the Capital (and a neighborhood where I spent a good deal of my high school years hanging out with some families up there). Very easy to find the hiking entrance as they have added a nice little area to start the hike. Let me just say--doing this hike is pretty simple and short and much easier than having already run several miles to get to this point.
I decided to take my boys up to Ensign Peak. The boys liked it quite a bit because it has fabulous views of the entire city. Roundtrip, the hike is only about 1.5 miles or so, so not too strenuous. Carter likes to get up the hill as fast as he can, while Beckham moves just a tiny bit faster than turtle...as he scans the landscape. There is also a nice little monument at the top to read and look at while admiring the views of the Valley.