This is a nice little spot that few people know about. A local youth summer camp (Batawagama) used to use this as an overnight camping spot, and likely still does.
GETTING TO THE FALLS
If you have a serious 4-wheel drive (and know what you're doing with it), you can drive to within a few hundred feet of the spot, and drive back out again. By 'serious', I mean that there are a few rock shelves in the trail that you'll need to roll up and over, and a couple of other places where you'll need good ground clearance. ATVs are another option, and are quite popular in the area.
If you don't have a 4-wheel drive, you can park at the following coordinates: N 46°07.503' / W 88°27.134 and walk in. The walk is just under a mile, but *bring bug spray*!
DO NOT try to drive past this point if you're not in a 4-wheel drive, and drive very slowly and carefully up to the parking spot.
***IMPORTANT NOTE****: There are signs up for "Raymers" and "Camp Stoor Stankewicz", which are private camp sites. If you keep heading for the falls, you won't end up at either of those. You'll follow a couple of Raymers signs, but eventually you'll turn off in a different direction. The cache, and the falls, are on state land.
AT THE FALLS
Once at the site, there is good fishing down past the foot of the falls, and you can even bring a swimsuit to take a dip right at the bottom of the falls. The water is usually pretty warm, thanks to all the movement. Be careful in the water, though--the bottom is very rocky, as in big rock slabs. Probably not for kids.
If you want to cook a meal or even stay overnight, there's a very nice campsite across the falls and up the hill, at N 46°08.062 / W 88°27.232. Please be a good geocacher and take good care of it, and be aware that you may end up meeting youth campers at the site.
*****BE VERY CAREFUL IF YOU CHOOSE TO CROSS THE FALLS*****
There used to be a bridge of sorts across the top of the falls, back from the edge, but it's no longer there. You can make your way across there if you want, right from the head of the trail, or you can try going across the rocks and trees down below the falls.
Either way, PLEASE BE EXTREMELY CAREFUL. Taking off your shoes and wading across the river above the falls may be the safest route.