This route is a classic; its size, visibility, and once in a blue moon trait of actually being in are the reasons that come to mind. You need to hit it during a cloudy cold snap since it faces south. When I did it, it was pretty mushy.
Location
Tucked back in the east corner of Ouray, Cascade Falls can be seen from almost anywhere in town. Drive up 8th Ave as far as you can. Follow the packed trail and signs to the falls.
Protection
Two bolt anchor in shale ledge to left at top of first pitch. I used pins for anchor at top of the 2nd pitch.
Descent
Descend by walking and rapping off ledges and cliffs to the right although it takes a long time. I think you could probably continue up and to the left and rap from the trees at the edge of the cliff back to the first pitch anchor with 2 ropes.