Along with Eagle River Falls, this is one of the most popular roadside waterfalls in the Keweenaw. It's also the most convenient, as you don't even need to get out of your parked car to look at it! As with alot of things around here though, there's more than meets the eye. There are steep trails on either side of the falls which allow you to scramble up the slope and follow Jacob's Creek upstream. The trails end quickly but the creek bed is generally clear enough that you can walk along it for some time. There are several additional sets of falls (right) behind the main ones (above) that are equally as beautiful and much more rugged. About a half mile up the creek the grade will level off and you'll encounter a wooden bridge with a campsite and picnic table. I believe these are part of the Monk Trails though I may be wrong about that. Either way this would be a beautiful camping spot. There are also killer thimbleberries here if you make the hike at the right time of fall. Continuing past that a little ways will get you to Arnold Mine Falls. There are also very minor old ruins here.
One other thing to mention is The Jampot, which is on M-26, just east of the falls. This is a bakery run by Byzantine Catholic monks which specialize in jam, jellies and various baked good. If you've never had real thimbleberry jam before, buy some here. It's as good as it gets.
To get here from Houghton, head north across the lift bridge and take US-41 to Phoenix. Take a left onto M-26 towards Eagle River. Once outside of Eagle River, continue 2.8 miles. The falls will be on your right. You can't miss them. Park here on the side of the road or over at the Jampot.
Huge thanks to Andrew Dubay for his photos of the lower falls and Arnold Mine falls!