Here's a chart showing the monthly difference in mean temperature between Keystone Ridge and the international airport in Fairbanks. The elevation provides major relief from valley-level cold in winter owing to the near-permanent temperature inversion, but in the warm season the ridge is slightly cooler.
Daily high temperatures are relatively cooler in the warm season, as there is less diurnal cycle on the hill, i.e. temperatures at elevation are more closely tied to air mass temperatures and don't typically vary as much over the course of a day:
The relative lack of variability also means that daily minimum temperatures are much higher on the ridge in the cold season; but from May through September there isn't much systematic difference in overnight minima.
As for precipitation, Keystone Ridge is of course consistently wetter than the airport, and the difference is substantial in summer.
Interestingly, July is marginally the wettest month at the airport (based on the overlapping period of record here), but August is wetter than July on the ridge. In July Keystone Ridge is occasionally drier than the airport (4 of 29 years), but only one August was drier on the hill (1999). (I excluded a few months with more than 2 missing days at either site.)
Here are a few photos of the Keystone Ridge observing site at the end of the extremely cold spring of 2013:
