Topped by a huge statue of La Virgen de Quito (Virgin of Quito; construction lasted from 1955 to 1975), with a crown of stars, angelic wings and a chained dragon atop the world, the hill to the south of Old Town called El Panecillo (the Little Bread Loaf) is a major Quito landmark. Quiteños proudly claim she is the only Madonna in the world depicted with wings. From the summit, there are marvelous views of the sprawling city and the surrounding volcanoes.
The best time for volcano views (particularly in the rainy season) is early morning, before the clouds roll in. Stepped-up patrols mean it's now considered safer to climb the stairs at the end of Calle García Moreno. However, a taxi from the old town ($4) is still probably a better way to go; you can hail one at the top or ask yours to wait for the trip back to town.