I find Pagsanjan Falls to be an overrated tourist trap. The views going to the falls are quite magnificent and awe inspiring. However, in the middle of the rapids, you'll find hurdles of pipes that will give you a bit of a fright while passing over them.
There are plenty of smaller falls along the way. There is also a small eatery along the way but is quite dirty.
What I don't like most are the "bankeros" who butter you up on how little money they have and would like to have a tip.