We took a Snake River float trip from Jackson Lake Lodge that we enjoyed a lot. It started with a steak dinner on the river bank. Although ours was a float trip, I believe they offer rafting also. Check it out: http://www.nationalparkreservations.com/grandteton_jackson_lake_lodge.htm

We did the same trip from Jackson Lake Lodge, but didn't do the steak thing. It is a nice fairly calm tip. It is a float trip so times do vary. The earlier you come the faster the water rate, so even though the tour goes the same distance it doesn't take as much time. We were there June 15-19, 2007 and it snowed a lot the previous week, so part of the roads were closed the very first day we were there. If you can drive Beartooth Hwy on a day you are there.

The boat across Jenny Lake and hike to Hidden Falls/Inspriration Point is a good activity.

Old Yellow Bus Tour is very nice.

Boating on Lake Yellowstone would be an option.

Plan on spending an entire day Geyser Gazing around Old Faithful. Old Faithful was our least favorite geyser we saw. Riverside is very nice as it shoots over the river. Castle Geyser was our favorite. It lasts for about 20 minutes and then has another 20 minutes of steam phase. It only erupts 2 times per day and you may be sitting there 2 or 3 hours waiting on it, but it is worth it. Old Faithful is nice because they can almost always predict within 10 minutes of when it will go. See it around 6:00AM in the morning and you will have it all to yourself. In the afternoon expect several hundred people there. The other geysers only have a handful of people at each eruption. Check with a ranger at the Visitor Center and they list times for 6 or 7 geysers. All the rest of the geysers, you will just need to be lucky to see them go.

Click on link for our pictures
http://www.photoworks.com/slideshow/album/A00E72318DFD?source=pw980

We stayed at Old Faithful Inn, Roosevelt Lodge, Lake Hotel, and Colter Village Cabin in GT.

You will see a ton of animals with babies at this time of year. We saw 8 or 9 bears, several moose. We didn't see any wolves, but did see coyotees and several fox.

One more thing, the time I spent in Yellowstone is one of the best experiences I have ever had. I certainly hope to go again some day. Be prepared to stop and animal watch for an hour at any point in your trip. If you see cars parked a the side of a road, pull over and see what kind of animal they are watching. Most people are even nice enough to let you borrow there spotting scope or binolculars.

CD, thank you for your comments, I have been exploring the Snake River float.

Spirobulldog, I have been following your comments on all of these threads with great interest. We've been to several other parks but never YNP and GT. You have been my Park 'guru' and have been very helpful, and I will certainly heed your suggestions. Don't hesitate to jump in with any further thoughts! We are staying at Signal Lodge 3 days, Lake Hotel 1 day, Dunraven 3 days, in and out of Jackson. Thanks again!

Spirobulldog:
Great pics. Nice family too ! Thanks for sharing.

We did the Dave Hansen Whitewater rafting trip out of Jackson and it was my boys favorite part of our vacation. It's an all afternoon trip because you ride for nearly an hour out of town to get to the starting point and then a little farther back. We also took the tram up the mountain at Teton Village. Its an easy way to get way up to the top of the peaks and look down on the valley below with the snow around you. I also second the Jenny lake boat ride and hike, we got some great pictures from that excursion. We also took a Yellowstone bus tour. I really enjoyed that because I got to sit back and watch the scenery and not watch the road and the car in front of me. Plus we learned a lot from the driver. You've got a great vacation ahead of you, have fun!!!