This is a really fun, very easy trail. I did it as an overnight in mid-July 2015. The western half of the trail was EXTREMELY wet. My feet were soaked for at least 8-10 miles. We did the loop clockwise and started on a late Friday afternoon. We spent the night at Janacks Landing on the shores of Cranberry Lake and finished the hike on the second day. Janacks is a great campground. The lean-to is in excellent shape and there are 3 or 4 other tent sites within 50 yards.
If I were to do the hike again, I would take 2 full days so I could get in some fishing. I would stay at High Falls camp where there is another great lean-to and several tent sites. There is one camp right below the falls that is amazing. We swam in the pools at the top of the falls and the water was glorious.
The hike is definitely doable in 1 day, but not if you want to be able to stop and "smell the roses". I'd recommend 2 days just to not feel rushed at the 4 or 5 really pretty locations on the trail.
This link to YouTube is a great video about the Loop Trail.
Things to remember - 1. Prepare for wet feet. 2. Bring bug spray 3. Bring an ultralight trout rod if you like to fish.
I believe we did more than just going into the falls. We walked in, signed the visitor book then followed a wide trail to the falls. My Garmin has recorded a 3.24 mile loop. We walked out on the wooden platform they have for viewing the falls then walked back to the trail and continued to the left (not going back to the park lot). I looked at the map on my Garmin and the falls are at about a half mile. There are yellow trail mark circles on the trees we followed it continued north before going west at the 1.5 mile mark. NW a bit till you came out on another good view of the river. This is where you turn South and the trail got a little sparse. It's right on the edges of the river so your view is beautiful- keep an eye out for trail marker signs. We almost missed them at one point. Also it's winter time that we did this, careful of ice. You move away from the river and cut through some really gorgeous pine trees. The real gem is when you hear the falls again at the 2.5 mile mark. A great spot to have a bite to eat and watch the falls. There is a beach up a quarter mile from there and you climb up to find yourself back at the viewing platform.
This trail is great, but would be more fun taking multiple days to complete it. One part of the trail was pretty much under water, this was fairly close to the end/beginning of the trail (depending on which trail head you start on). Overall very beautiful.