You can see the falls from the lookout point, but you will get a much better view if you take the shuttle down into the valley. That's what we did, and I highly recommend it!
We went to hike to the falls, but it appears that the trail may have been covered by water when we were there. Others did the treck but ended up walking through chest high water.
Less than a mile from Pe'epe'e Falls and worth the drive
If you like waterfalls, after you've visited Pe'epe'e Falls, continue up Walanuenue less than a mile to Wai'ale Falls. There's no real parking lot, but there is a spot to pull off and view the falls ...
Nature at its finest!
You can see the falls from the lookout point, but you will get a much better view if you take the shuttle down into the valley. That's what we did, and I highly recommend it!