This is a great hike that gives you a great workout! It is quite a trek and it is not heavily shaded so it can get very warm, but dress appropriately and bring lots of water (and picnic for when you get to the top!). It is stunning at the top and definitely worth the workout!
Bishop's Peak is a more strenuous hike than Madonna Mountain. The kids have a tough time getting up the steepness that is the beginning, but with a little encouragement my 3 year old has succeeded many times this summer. The view from the top can't be compared to any other site in this town. Be sure to bring lots of snacks and water as well as some toilet paper. I don't think we have ever made it to the top without one of the kids needing to go to the bathroom :-)
This is a fun hike. The views from the top are really nice. If you don't make it to the top you do get views halfway up of the city and surroundings just not to the west. One word of caution, there is poison oak along this trail especially on the north facing side which as it turns out is the first half of the hike. Living on the central coast requires that your kids know what that stuff looks like!
We love hiking up Bishop's Peak. It not only gives us a sense of accomplishment when we finally reach the peak, but the views are incredible! When you reach the top, you can see almost the whole town of San Luis Obispo and on a clear day, you can even see the Stacks in Morro Bay. It's beautiful! The trail accomodates a single jogger, but I don't know if it would a double. (If you want that extra workout.) :)