Nice little hike just outside the Red Rock NCA. In other words, you get the scenery without having to pay the entrance fee. (Not that you should avoid paying the entrance fee--Red Rock NCA is completely worth it and we should all support our national parks).
I've been a few times. On the most recent visit toward the end of November 2012, I was surprised to find water still flowing. However, the area had changed quite a bit since my last time and there were more obstacles. Since I was with Jieun and Bawoo (Jieun's Old English Sheepdog), we didn't bother trying to find a way down to the bottom of the waterfall. Instead, we took the easy path to the top of said waterfall. But we did see a guy and his dog down there, so it probably isn't that difficult if you so desire.