This waterfall starts with a smaller cascade, then becomes a long, steep slide and cascade into a pool at the bottom with a fairly high water volume. It then proceeds over a series of smaller slides and cascades over the bedrock.
It's also right below the US Hwy. 64 bridge, which is right below the dam for Lake Toxaway. In 1916, the dam broke, spilling the lake over the falls and down the gorge. This explains the widely exposed bedrock on either side of the falls and the river - it was stripped bare of soil by the rushing flood.
Only the east side of the falls is in Gorges State Park - the property line runs up the middle of the river. The west side is privately owned, and covered with buildings including restaurants and condos.
Half of Toxaway Falls is now part of Gorges State Park, but there's no great way to see it from the bottom. You can pull off beside the highway just West of the bridge to get a poor view from the top. There is no official trail "to" the falls, and viewing from the top requires parking in the right-of-way for Hwy. 64.