After walking a mile and ascending 400 feet, you'll arrive at a sign indicating a split in the trail. Straight ahead lie the falls; to the right about 2 miles (and another 800 feet of altitude) is the Pancake Rocks area. Just north of the trail is a meadow and a pond made by beavers taking advantage of the flatter terrain.
For this hike, I chose to continue on to the falls. When I return, I think I'll do the Rocks first, while I still have some oxygen in my blood stream. When you reach the falls, be careful. The decomposed granite slab down which the water flows is treacherous. You should still climb up as high as you like to the top of the water source; just be cautious.