This museum is a great stop and a must visit if you want to get familiar with Alaska's history, life style and characteristics. You have to spend at least a few hours there to absorb the facts. I visited in the end of June 2005 when unfortunately the Aurora show was closed due to expansion construction but I enoyed the museum anyway. The one thing I especially found interesting was the controversial section which displayed the treatment of Japanese living in Alaska during WWII.
After or before visiting the museum make sure you have time to drive around University grounds as well - it is very nice and you get good views of Fairbanks.

This museum had it all- great gift shop, marvelous displays, historical material, and unusual artifacts of native life and skills. Very highly recommended. We four were there in June 2004.