ANC is a great place to take photos as long as the weather is kind.
There are 3 runways 06 L/R, 24 L/R, and I think the other is aligned 14/32. The standard ops are 06R for arrivals and 32 for departures or reversed 14 arrivals and 24L for departures, the other runway is rarely used.
A car is preferable as the distances are quite long between spots but not totally inaccesible by taxi/foot.
The preferred runway for landing aircraft is 14,as both sides that is morning and afternoon shots can be taken. From the terminal area drive north past UPS and FEDEX until you reach the end of this road, turn left and follow this road which eventually passes the end of this runway. Just before you reach the runway there is a small area on the left where you can park from here it is a short walk to the best viewing spots, most of which is elevated and provides good back drops for photos. From here you can get 14 morning arrivals or 32 departures as quite a lot of the flights are heavy freighters they are still quite low. For the afternoon drive further around and you will usually see some cars parked near (but not at) an airport access gate. Park here, cross the road and climb the hill, you should see where you where in the morning and have a good as view as what you had earlier.
For runway 06R I know there is a spot for approach shots but I couldn't find it, we were content with getting the aircraft roll out which we took from opposite ERA Aviation's facility. To get there you need to head towards the city from the terminals, when you get to the airport boundary (a large intersection) turn right and follow this road for a couple of miles. Again you will find a set of traffic lights at a small shopping centre, turn right, this road will lead to both ERA the ANG base and also where Linden are based, turn into where ERA are and explore the area there are only a couple of roads but usually plenty to see, you will find the spot I am talking about, it too is elevated and has a good view of the entire operational area, the only thing you can't see is the approach to 06R !!!
In summer we viewed from 0500 until approx 2300, the weather was pretty good (June), gots lots of freighters, DC6'S of ACE and Northern Air Cargo (about 12 flights a day between them) Hercs of Linden and then the usual U.S domestics. There is also the float planes at Lake Hood a nice way to end the day or take a rest from the big stuff.
It is not an extremely busy airport but is constant and the quality and scenery are great, Oh and look out for the odd moose or two.
If you go to www.anchorageairport.com you will find some aerial photos of the airport.