I wanted to make the 2nd or even 3rd lake but we chose a pretty cool, rainy day and we had a pretty young hiker along (6 yrs) so we didn't make it past the first lake.
In my opinion, this hike is not worth 'just' going to the first lake if you can help it. We had a great day out but that was more due to company and just 'getting out' - we could have had the same enjoyment hiking almost anything.
Be warned, this hike is not an official trail and as such it is almost more of a scramble even up the first section where you cut off of the Ribbon Creek trail. There are no signs indicating where the Memorial Lake trail starts, it's a cairn and a thin ribbon of trail on your right as you hike up towards Ribbon Falls. It's the first unmarked trail you'll come across and is quite a bit past the official trail cutting off to your left on the way up (that trail immediately crosses a bridge). You will know you're on the right trail as it starts out in forest and soon (within 15 minutes) you'll have a bubbly creek chattering to your left.
The first lake will probably be a wee bit disappointing - it was for me. The real reward is after a steep scramble / hike to the second lake and even more reward awaits at the third lake. Once you find the trail you should always have an obvious track to follow to the third lake - although depending when you go the trail from the 2nd to 3rd lakes is more scrambling than the previous bits.