Overall:
A low-frills but mostly enjoyable race. $30 pre-registration, $35 race-day; $20 if you're a college student. Also a 3-mile walk for $30/$35, which seems a bit steep. Cost is relatively low for Cambridge races, but swag and amenities are pretty minimal for what you pay. Course isn't closed to cars (though traffic lanes are restricted) on street portion, and lake path portion is open to the public (walkers, dogs, etc.). Not a bad race at all, but I think once was enough for me.

Pre-race:
Marathon Sports sponsors this race and holds packet pickup at their Cambridge store during set hours the week beforehand. They also have day-of pickup as well. I picked up my bib and shirt during the week, and it was easy-peasy. Parking is on-street only, so be sure to get there early enough to snag a spot close by.

Race:
Course is billed as flat but has a few gradual hills. The race starts and finishes on streets where traffic is restricted but not totally blocked off, with a few miles in the middle of the race veering off the streets and onto paved paths around Fresh Pond. The paths are open to the public so be aware that you'll be running around walkers, baby strollers, leashed dogs, etc. I found a few spots on the course to be confusing, as there were no volunteers or signs to direct runners, but for the most part it was straight-forward.

Swag:
Lovely, soft, cotton blend short-sleeve t-shirts. The shirts in 2015 were guaranteed for the first 1000 people to register.

Aid stations:
One station serving water that you pass twice. Gets a little bottle-necked with runners coming at it from both directions.

Course scenery:
The part of the course around Fresh Pond is lovely. The portion on the streets is a mix of quiet, residential neighborhoods and busy streets like Fresh Pond Parkway and Huron Ave.

Post-race:
Whole Foods was on hand with free bananas and samples of Chia Bars and other small snacks. I ran with a group from work and met up with them, so I can't say for sure whether there were post-race festivities or not.

Room for Improvement:
I'd love to see a better organized water station, and either signs up or more volunteers on hand to direct runners onto and off the pond path. Also, I know you can't restrict the public from using a public path, but having to dodge so many walkers and dogs made that part of the course a bit of a challenge.