We did a grotto with a waterfall off the top. It has 10' of moss rock wall on either side. I wish we had made it a weeping wall, looking back. That said, we had a budget and I am not sure how much that would have put us over.
I LOVE the sound of the water fall. It drowns out surrounding noise and is quite pleasing relaxing in or out of the pool.

We did not do a waterfall but did have three scuppers installed which makes the noise of a waterfall. Hope this helps.

another view

For us, having our waterfall on means running our pump at the higher of the two speeds, which means more energy (not to mention it raising IRRC (it is winter time, I have forgotten) the pH faster). Because of this, we only run it when we have guests over. We enjoy having it (everyone likes jumping into the pool over it, or sitting under it when the pool heater is on), but I did not realize it would cost me so much more (low speed, my pool pump costs like .15/hour to run, at full speed it is closer to .60).

Thanks for the replies!!

What did you decide? When does your pool build begin?

We have a waterfall and I can't imagine not having one. The plants around the pool love the humidity, the sound is resort-like, and it's a great focal point. We run the waterfall and cleaner daily for 8 hours on the higher speed, and our electric bill is about $50 on average more than it was before installing the pool.

My friend also has a waterfall and says she feels the same way, can't live without it. Here are pictures of both of ours:

Hers is about 10 years older than mine, so I copied hers somewhat. Her landscaping is only 6 years old.

My pool is only 8 months old, as is the landscaping.

They are both pretty!! We are going with the waterfall. We close on our house on the 22nd of this month and they will start the pool on the 25th. Can't wait!!