The Middle Falls overlook is the best. Make sure to stop by for a quick break. The Upper Falls is full of roots and rocks, and difficult to get to. Pay off for the upper falls view is not great.
Wallace Lake is serene, but there are not as many break points unless you go across to the other side of the lake. There are not many hikers here so it is very peaceful and quiet. The 0.5-mile gravel path leading to Wallace Lake is very large crushed gravel that destroys your shoes and is rough on your feet (or other body parts if you fall).
The trail up to Upper Falls is pretty steep and can be slippery. Please be cautious if coming down at speed!
This route starts out on the Woody Trail
which follows along the Wallace River. Plenty of families take the trail, and since it's rooty, rocky, and narrow singletrack most of the way, please use caution when moving around kids/dogs. There is a beautiful lookout located at the Middle Falls lookout. The Upper Falls lookout was okay. This trail is difficult due to the quick elevation gain; I'd say it was similar to Mt. Si in that it goes up and never levels off until you reach the top. Most of it is pretty popular, well-marked singletrack so you won't get lost. A bathroom is available slightly off the trail at about 1.5 miles on the way up. There are also helpful interpretive signs along the way as well for those of you wanting to break more often.
After heading up and back on the Woody Trail
, you'll head up on the Greg Ball Trail
to get to Wallace Lake. Fewer people use the trail to Wallace Lake. On a sunny Monday morning, I saw one person with one dog the entire way up and down the Greg Ball Trail
. There are signs along the trail although they are not very helpful (e.g. it'll say 1.5 miles of "difficult" level trail, but it was pretty flat/smooth for at least one mile after the sign). This is a gorgeous forest with a ton of shade, following along a creek that you can hear almost the entire time.
When you get near the end of the Greg Ball Trail
at the top, you'll come across a logging road. Turning left is a sign saying to not go that way due to logging vehicles. So head right, then 100 yards later you'll see a sign on the left for the trail to Wallace Lake. It's only 0.5 miles with a mild gradient, but it's all large crushed gravel, where it is easy to twist ankles.
At the lake there is a path to continue all the way around, including a newly re-built bridge as of August 2016. This can also take you over to the Upper Wallace Falls via the Falls to Lake Trail.
Once you're at the lake, it's super serene and quiet. Find a nice sunny spot on the opposite side of the lake and take a well-deserved break. Head down the same Greg Ball Trail
you came out on and take the alternate Old Railroad Grade
pathway down to the parking lot for a fast and wide ending.
Standard Pacific Northwest flora and fauna. Middle growth forests throughout. Not much fauna except for the odd squirrel. Not many birds even in October, so it was dead silent while hiking.