My favorite place to go for a bike ride, walk, or run in Scottsdale. TONS of places along it. It's only a block or so off from Old Town, runs by McCormick Ranch (ie easy access to the Vig), has a great coffee shop on it called Altitude Coffee and also Grassroots (restaurant) up near Hayden and Via de Ventura, and then if you take it down to the south end, there is an awesome park.
It's just such a pretty area and offers great views of Camelback Mntn and lots of golf courses and parks.