Check out Ben Sink's fantastic video of the falls!
Directions: Take highway 19E to Hampton, TN and then turn north onto route 321/67 toward Mountain City. Drive 9.7 miles and turn right on route 321 which leads to Boone, NC. Drive 7.2 miles till you reach Elk Mills Store (which will be on your right), turn right after the store onto Poga Road. After 0.2 miles the road will split, keep left, cross Jack Campbell Bridge, and then you'll immediately turn right again to continue following Poga Road for 3.6 miles. Then turn right onto Clawson Road and drive 0.5 miles. You then turn right onto Dark Ridge Road and drive another 0.5 miles (it will eventually turn to gravel). You'll see an old barn up on the hill to your left, park on the road next to it (don't park next to the barn, that's private property). The trail head is across the road from the barn and marked with yellow and red paint on a tree. Map here.
8/14/10 Update: A 28 year old woman was severely injured when she fell 20 to 30 feet from the falls. It took the Carter County Rescue Squad four hours to rescue her and she was listed in critical condition with a broken back, a broken arm, a shattered heal and required eleven staples in the back of her head. (video of rescue here. more here). I certainly hope she will be okay. Earlier this week a 29 year old man nearly drowned. Incidents of injury and rescue are becoming so frequent the US Forest Service is set to address the problem. If you chose to visit this waterfall, be very careful and don't jeopardize your health, nor imperil the safety of those who would be called on to rescue you. Yes, these falls are beautiful and meant to be enjoyed -- but they should also be respected -- and so should those who work so hard and sacrifice so much to keep us safe.