I grew up in Anchor-town (well, at least from the age of 13 - 30) and went from riding a truck-bike, to a five-speed then to my first 12-speed. I worked a whole lot harder riding a bike in those days!!!
The bike paths weren't added around Anchorage until the oil money came it, but now there are bike paths everywhere. I remember riding my bike out by East Anchorage high, through the willow trees that used to line the path and experiencing my first "flasher".
I imagine that's still something you have to look out for.
Also, I lived out by Diamond High School after I got married and used to take the bike path that ran along Campbell Creek. There was an area that I would occasionally run into (well, not actually RUN into), but run across a cow moose and her calf. When that happened, I would just turn around and head the other way. You really don't want to mess with the moose.
Anchorage does have a ton of stuff to do, although the downtown area is now looking like a big tourist trap to me.
(And the mosquitos are still bad in Anchorage...but not as bad as the Bush)
Vertically challenged, but expanding my horizons.