...but in my humble and oft times considered incorrect opinion, I take a line and go from Alton Bay to Merideth.
Anything that is on the New York City side of that line is on the South Side of the Lake.*
Anything that is on the Prince Edward Island side of that line is on the North Side of the Lake.*
* there are times when the line may have to be relocated so as not to cause problems with inhabitants of said sides of line. In such cases, it is whatever floats your boat!
For me, it is "Much Ado About Nothing" (thanks to Willie for using his title.).