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Waikani Falls (sometimes I find it easier to think of it as Lower Waikani Falls) sits further downstream from the more famous "Three Bears." In our experience, this waterfall was best seen when it was raining. When the rains were gone, the flow quickly diminished significantly thereby making it hardly worth the stop.
As for getting a better view without trespassing...
Forget it. There was simply too many homes and none of the residents would appreciate us nosing around their yards. So we were left with a rather difficult viewing position since we couldn't get a closer view. As a result, I'd consider this basically for waterfall collectors though it does look impressive when it's pumping (like it did during our September 2003 visit).
Directions: The falls is best viewed from the quiet community of Wailua. However, because it's a residential area I'd advise that you just get your view from the main road and then move on.