I haven't personally fished there but I know several people that do. I hear the bass fishing is pretty good. I don't know anyone that's caught trout there. My understanding is that you need to get a key from the ranger station in Fahnstock to be able to get in to the lake. I don't think there is a lot of room on the bank to fish but I can't say for certain as I've never fished there.
Oh and you can get to it only from the southbound lane of the Taconic.
According to this DEC website my friend is correct you have to get a permit from the ranger station and they say that it's stocked with trout. The website doesn't mention bass but I know several people that have caught some decent bass there.
There is no more key. It's a combo lock, and you can get the access code for free when you buy the boat permit for Region 3. The pond is primarily rock-shored with a small lily pad-filled shallow cove, which is about the only weed cover I've seen there. There are some small laydown trees. Never really heard anyone talk favorably about the place and I've not caught much there. If you want to hunt frogs, though, there are HUGE amounts of them available. That's one thing that bothered me about the place...lots and lots of prey around, of all different sizes, and nothing chasing/eating them.