And one more time: Flamingos (and a great landscape)
Apart from Flamingos, the area around the lake is apparently inhabitated by Scorpions. Personally I am not a big fan of them, but some other people are ... 
The hot springs ... According to the Lonely planet, hot springs are one of the attractions around the lake. They are 40 Degree hot, and if you believe the guide you can also have a quick dip (not a refreshing one, though).
And for all those catched interest after this sentence and therefore want to visit not only the lake, but also the hot springs, here some "easy to find" instructions:
You drive past the Magadi Village towards the southern end of the lake. At one point you will be asked by a Massai to pay 200 Shilling each entrancy fee (for what, you can only ask the stars...). Prepare your money beforehand, since the probability of him being able to give you the change is lower than the probability of you finding the springs.
He will also tell you that it is about one hour drive towards south. Happily we drove on and tried our luck. One and a half hour and some bumpy roads later we had still not found them. In exchange however, chances are high that you see all kind of wild animals - zebras, ostrichs, antilopes, giraffes, gnus - just like in a real national park. However, if you want to see the hot springs and not the animals, you have to turn to your right after about half an hour drive from the village (there is no signboard but two big trees).
Anyway, the easiest and most recommendable way to find it is to ask a massai to jump into your car and direct you. In this case you can't miss them :-)
