If you drive 3 miles past the notorious Multnomah Falls, you'll find another "pull-off" waterfall. As at Multnomah, you can view the rushing water of Horsetail Falls simply by exiting your car and walking a few yards. But like Multnomah, this impressive sight is enhanced if you hike into the woods to explore the falls from a different angle.
On Saturday, we hiked a moderate 3 mile loop to the top of Horsetail Falls and then continued literally behind Ponytail Falls, before exiting to a spectacular birds eye view of the Oneonta Gorge. We kept remarking about how incredible it was to see so much in such a moderate hike. If you only have a few hours, I highly recommend this shortened hike.
If you've allocated more time, you can take a 2 mile detour to view Triple Falls as well. I'm already planning a return trip this summer, to see those waterfalls and to wade into the Oneonta Gorge to view a hidden 100-foot falls.