These are a great couple of walls set above Telluride to the right of Bridal Veil Falls. All the rock is Telluride Conglomerate and is full of pockets. The rock quality was good for the most part with a bit of loose stuff in some areas. This area is only in the sun until about noon.
To get there, drive east out of Telluride and start your odometer when the road turns to dirt. Drive 1.5 miles and park near a large boulder with a cable on the top of it. Make sure not to park right in front of the boulder, because it's private property. Hike to the right side of the boulder, cross the creek, and continue up to the walls ahead. It takes about thirty minutes. When I forded the creek, it came to about mid-thigh and was not too bad.
Just be sure that you don't get off the road too early. There are actually 3 boulders with cables coming off the top of them and it is the farthest one that has the trail at it. turning off early leads to a 2 hour-bushwacking approach from hell!
I was climbing at Falls Wall last weekend (June 2013). It was a windy day, and some rock was blown off of the top of the wall down. I'm sure this is a rare a occurrence, but I would recommend wearing a helmet here and just being mindful of the wind.
That particular area is a complicated mix of National Forest, Wilderness, and private land. So it's best not to camp in that area.
There are paid camping options in Telluride and other regional USFS pay campgrounds, and then random scattered free camping opportunities that are hard to describe here, especially if you're planning on car camping.
The Town Park Campground is right in the town of Telluride and is pretty sweet. It's like $20 a night. It's a short drive or a couple mile hike to The Falls Walls from there.
I would like to 2nd the recommendation to not get sucked into hiking too early as there are a few boulders with cables on them. Go all the way to the major switchback which is 1.5 miles from the pavement like the poster said, not 1.3 or 1.4. If you aren't on a nice trail from start to finish, you are off route.