It's nice that it's within another bigger trail for an option or more challenging hike. The Tea Town lake is descent in size and the view is enjoyable after a long hike with our dogs. Just keep in mind that there's no phone service and bring a bug spray with you.
Trails around the lake are great. Easy walking, nice scenery, areas for rest and picnics. Parking lots offer convenience right near the trail openings. The hike was an overall great experience for the first hour.... then it wasn't. Some might say this trail took a turn for the worse. Be warned: the Briarcliff/Peekskill trail is not part of the Reservation hike. We followed that trail from the Waterfall, and 3 hours later found ourselves in the midst of an active hunting trail. We walked into piles of deer remnants, a dog kennel featuring nonstop barking, and a trail that went 5 feet from people's homes. We then discovered, much to our surprise, that the trail does not loop, but rather continues downstate. Once we hit Route 9, we turned around on the trail and walked for 3 miles on neighborhood roads, in the dark, to our vehicle. In trying to leisurely walk 2 miles, we actually did 10 miles through the woods and the dark. Though definitely a product of our own stupidity, I would take caution when choosing your trail.
Teatown lake trail system is a nice area with lots of trails, they range from easy to moderate. We hikes the blue trail around the lake as we had two kids with us. It was a nice easy hike with lots of interesting things for the kids to see.
I would recommend this for families with children.