Yes, the road has asteroid-crater sized potholes and a puddle I've now named Lake FS-4020, but it's easily navigable by most standard SUVs if you're slow and careful.  Once at the trailhead, do not go to the left down a wide logging road...I made this mistake and spent about 40 minutes extra trying to find my way.  Instead, refer to the photo below for the entry point of the trail.  An easy mistake to make, so avoid it by walking down the road away from the parking area, past the bathroom and you'll see the wooden trail post on the left.

After you cross the plank bridge (see photo), you will start ascending.  The trail is well managed but be careful of the slippery wooden steps and roots, especially on the last bit down to Lower Ashland Lake.  If you are pressed for time, I would skip the last lake just because it isn't extraordinary.  I would say this hike in general was not mind-blowing, but it was incredibly peaceful since I was the only hiker today and the lakes were so calm.  My guess is that everyone stayed out of the mountains today because of the downpours and flooding that have been happening, but this morning everything was overcast but there was no rain.  

There is a neat little wooden dock (see photo) towards the end of Upper Ashland Lake where I ate a little picnic lunch.  Most of the planks are fine, but I would suggest checking this one out soon because the wood may deteriorate in the near future and I'm unsure of when it will be maintained.  

Ashland lakes are hard to get to due to 5 miles of road-as-pothole. It's almost like some one tried to make the trailhead hard to get to. With a high clearance SUV it can be done, but be careful.

The lakes are lovely. We had increasing mist as the day wore on. The trails planks were a bit slippy, sticks are a good idea. 

For lunch we stopped at Upper Ashland Lake, and on the way saw evidence that beavers are alive, well and working away.

The hike is straightforward, a lot of it along boardwalks and some of them have collapsed, but easily passable. But the road up - by far the worst road I have driven on, even worse than the first half of Pilchuck which is truly awful. I have a Santa Fe, which has good clearance and is all wheel drive, but it was still 2 mph through potholes that were more like ditches. It looks like someone took a backhoe up there and randomly excavated the road. Not a trip for a Prius or low-slung car. This is one step below a jeep-and-winch route.

Rating:  3 of 5 stars
My opinions:  Nice, easy hike.  Great to do on a cloudy day. 
The BIG problem with this hike is the POT HOLES in the road to the trailhead.  Impossible for a sedan.  There are potholes in the potholes.  They are filled with water, so you don’t know how deep they are.  I saw car parts in one pond (pot hole),
The hike is a gradual climb to the board walks.  Lots of nice board walks.  Overall, pretty flat once you get to the board walks.
The reflections on the lake were nice.  However, the lakes aren’t really special. 
It's worth it to take the side trip to Beaver Plant Lake.  Nice.
We accidentally went for about 20 minutes up the trail to Bald Mountain, thinking the trail was the hike around Upper Ashland Lake.  This trail is not maintained, but it’s about 5.4 miles to Bald Mountain, so if you want to hike this trail, it will take a long time. 
I liked hiking around the Upper Ashland Lake on the way back.  It wouldn’t be easy for little children, but it’s fun for adults with long pants on.  The trail is 50 percent overgrown, but it was fun to bushwack through the old trail, overgrown mainly with Huckleberry plants.  Also, the board walks here are more slippery with leaves, etc.  My hiking partner slipped and fell down on these.
Snow:  None.
Trail conditions:  Pretty good condition to the end of the Lower Ashley Lake.  Although, if you go to Bald Mountain or fully around the Upper Lake, the trail is not maintained. 
Poles are recommended, but not critical.
Bugs:  None.
Time: This trail took us (two 63 year-olds) about 5.5 hours, including taking pictures, walking around the lake, and taking many pictures and a 40 minute detour on the Bald Mountain trail.
Views:  None.
Flowers:  None.
Mushrooms:  Lots of beautiful mushrooms! 
Parking & Road Conditions:  As I said before, the potholes were a nightmare.  Only go with a high clearance vehicle.  My Toyota Highlander almost did not make it through a few potholes!  Go slowly!  Don’t take a sedan!!!!  Impossible.
We were the only ones on the trail, so the parking lot was empty at 1 pm on a Wednesday. 
Food:  The Thai Restaurant in Granite Falls is very good.  Also, Playa Bonita Mexican Restaurant has yummy carne asada (thin grilled beef).  It’s also fast.