I will be out there the last week in July this year (13th year in a row ). A trip to the area would not be complete without an evening of fishing around $3 bridge on the Madison. On most days Epeorus spinners are the ticket in the early evening (5-7pm), followed by amazing caddis hatches until well after dark (9:30-10pm). There will be a lot of people but you just can find one slick and fish for rising trout for several hours (14-20" bows and rainbows). It's pretty amazing. Email me if you want other ideas. I like to stay at the Slide Inn because it is cheap (they also have a campground) and centrally located (30 seconds from the Madison, 30 minutes from Island park and West Yellowstone).