When we went earlier this summer, we took a (very long) flight from the East Coast, and went directly to Volcano House--the lodge that's within the National Park, right on the rim of the crater. We stayed there for one night, had a nice dinner at the restaurant that first night. Since we were jetlagged, we got up super early the next morning, and were able to go up to the look-out to see the sun rise over the crater. It was a lot less crowded early in the morning, compared to late at night. Volcano House also has free bikes available to rent, so we biked around for a bit, then explored the park by car, and when we were done, drove back to the other side of the island to check in at Kings' Land. It was a really great way to do it.
We didn't have nearly enough time in one week to do everything we wanted to do on the island, so we have to go back. Our 4 favorite things were:
1) Lava Boat Cruise -- the lava's flowing into the ocean right now, and the best way to see it is from the water.
2) Zipline/ropes course. Super fun.
3) Snorkeling in Kealakekua Bay.
4) Stargazing at Mauna Kea. (Every night, you can go halfway up the mountain to have a guided tour of stars and planets--it's completely free, and they set up telescopes so that you can see the moon and planets).
Things we didn't get to do, that will be on our list next time:
1) Snorkeling at night with Manta Rays
2) Horseback riding into the Waipi'o Valley
3) Akaka Falls
4) Hike to the green sand beach at the south end of the island.
I found myself regularly going to this website when trying to find good vendors for some of the tours we selected.
http://www.lovebigisland.com/activities-to-do/ It was a great resource.