Liberty Lake is a terrific single-night backpacking trip because of the length of the hike and the unreal terrain you get to experience along the way. The 1,800 feet of gain and 3.5 miles to the lake is perfect; it is long enough to make you feel like you are earning the views, but you'll still have enough energy to enjoy the beautiful setting of the Ruby Mountains after setting up camp. The remote area is light on the people and heavy on the wildlife and jaw-dropping visuals.
The trail is lined with peaks, bowls and several lakes starting with the Dollar's and then the larger Lamoille Lake before ascending up several granite-lined switchbacks to the saddle. From here you get the first views of Liberty Lake before heading down into the caldera to find camp. The wildflowers are abundant if you can make it in the summer. There is an established camp on the near side of the lake, and another camp sits on the far side toward Favre Lake. As part of the Ruby Crest Trail, you do get through hikers along this trail, and there are opportunities to do some small day hikes from your base camp.
Hike back up to the lookout toward the saddle to catch sunset to be rewarded with some beautiful light. The dispersed camping here is Leave No Trace, so pack out all human and animal waste (dogs are allowed).