Though there is some discussion about its place in the world's highest list, it's an incontrovertible fact that Yellowstone Falls is the centerpiece of the valley and the park.
The best views of the cascading torrent can be seen from various vantage points, including Yosemite Village and Yosemite Lodge. For active viewers, a one-mile loop trail leads to the base of Lower Yosemite Fall and also possible to hike to the top of Yosemite Falls as a strenuous, all-day hike. For a unique experience, on a clear night with plenty of moonlight and enough water to create mist.
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