Aside from Lake Tahoe, Pyramid Lake is probably the most interesting geographic and geological feature in all of northwest Nevada. The largest remnant of Lake Lahontan, the Truckee river flows from Lake Tahoe into Pyramid Lake, and the lake is saline because there is no outflow - water only leaves the lake via evaporation. The shores of the the lake are surrounded by large tufa mounds, which arise from carbonates in the water preciptating. The lake supports a variety of wildlife, including a massive breeding colony of American White Pelicans on Anaho Island and an endemic (and endangered) fish species, the Cui ui. Lahontan cutthroat trout are also common, making the area popular with fishers and providing food for the pelicans. There are patches of cottonwoods along the lake and a decent riparian corrridor along the Truckee river leading up to the lake, but besides that the area is surrounded by mountainous desert.
The Pyramid lake area is sacred to the Paiute people, in particular several tufa formations on the northeast side like the "Stone mother." The entire region is tribal land, and access is controlled by the Paiute. Due to vandalism, the eastern and northern parts of the lake have been closed to non-tribal visitors for over a decade, and there are various other closures. It is EXTREMELY IMPORTANT to respect the closures and the tribe's cultures, traditions, and land when visiting. See the "Access" section below. There are three small towns in the area: Wadsworth, Nixon, and Sutcliffe.
In addition to the geographic and cultural importance of the site, Pyramid Lake is also one of the premier birding areas in Northern Nevada. Many of the best areas are now closed, though not due to the actions of birders (as far as I know). There are still worthwhile places to bird though, as the riparian along the Truckee is a magnet for migratory passerines, with a good number of eastern vagrants recorded, the waters regularly support many typically coastal species, and the confluence of the Truckee river with the lake is a phenomenal area for shorebirds and gulls.