I have been skiing Wolf Creek several times a year for the last 20 years. I agree with Powderpig's assessment, with one qualification. It is a very small mountain as far as sustained steep terrain. They only have 1,600 vertical, which is half of Telluride, Crested Butte or Taos, which are all in the same general vicinity. If you are use to big resorts, Wolf Creek will seem pretty dinky. It has a very steep ridge on top and then extremely flat skiing the remaining 3/4 of the way to the bottom. In deep snow the Waterfall area is virtualy unridable by snowboarders because of the extended flats.
Unless you are willing to spend a significant amount of time climbing, you will have skied the entire mountain in one day. It has often been described as backcountry lift assisted skiing. There is lots of low angle tree skiing. It certainly has some ripping steeps, but they all end after a few turns.
It averages more snow than any place in the State and is famous for its early season powder. I've skied there many a Halloween. If it dumps you should be on fat skis or tele's for getting across the flats (I prefer fat teles). We often take our skins and go out to Horseshoe Bowl where you can ski to a cat track that will take you back to a lift. Check their web site for "Locals Appreciation Days" when tickets are $22. No ID required, the deal is for anybody.
It is a fun area run by great people and gets a holiday destination crowd of intermediates (mostly from Texas), but don't expect much. It's the kind of place you go to on a powder day or if you are diving by, but not a destination for an extended trip. Great backcounty skiing all around the area. Across the highway you can climb 700 vert., ski 1,800 down to the road, and hitch hike back to your car. No lift ticket needed.