I've been going up Lantern Hill since I was 4 or 5 (my family is nuts when it comes to being outdoors). My grandfather used to tell me stories about caves up there since he was convinced that there had to be some, but we've never found them. We go up a few times every year, and my mom, grandfather and I always go on Father's Day (which is an amazing feat considering that my grandfather's going to be 75 on Saturday!)
Ravens live on the hill. You can tell they're not crows because their calls are different and they're much bigger. We saw them last year during our hike.
We were worried when we found out that the Mashantuckets bought the land Lantern Hill is on because we thought they might put up fences or even close the area to the public altogether, but it's been about 10 years and nothing has changed except the view.
If you know where to look, you can also see the 450-foot tall hotel at Mohegan Sun in the distance. You can also see the ocean and the river in Mystic, as well as Ekonk Hill in Voluntown. What's odd is that Lantern Hill isn't classified as a mountain because it's only 450 feet above sea level, yet Mt. Misery (in Voluntown) is because it's 612 feet, but anyone who's climbed both can tell you that Lantern Hill gives you a lot more exercise.
I remember the first time I went up, there were flyers pasted to trees all over the hill about an old man who disappeared, and I asked about that recently and my grandparents said he was never found. At the time, there were all kinds of rumors about it, that he had Alzheimers, that he faked having Alzheimers and actually ran off to Bermuda, etc.
There was a large fire up there in 1992 that burned 8 acres. Most of it has grown back, but you can still see evidence of it even today.