From this viewpoint, you can make the brushy hike down to Margot Creek and sometimes see bears fishing there. Remember the "bear manners" you learned during your safety briefing!
The second viewpoint along the Valley of Ten Thousand Smokes Road offers more open vistas than the first. The land is still lush and green, because you haven't actually arrived at the Valley of Ten Thousand Smokes yet.
It's a long walk on the road to reach this point. If you don't want to walk, you can buy a ticket for the tour bus run by the national park concessionaire, Katmailand. The bus runs along the entire length of this road and will let you off, or pick you up — as long as seats are available — anywhere you ask. katmailand.com/katmai-national-park/valley-of-ten-thousand-smokes