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The Faxi waterfall was a wide waterfall and kind of a smaller follow-up act to Gullfoss. In my mind it was like Gullfoss in that it was a wide river waterfall except it looked like this one also had a fish ladder adjacent to it as well. Even though the falls wasn't tall, it still generated enough mist to make photography a bit difficult at its bottom.
We were able to view this waterfall both from the car park (see directions below) as well as from the end of a short path descending to its base.
Directions: Look for a signed turnoff for the falls along route 35 about 6km south of its junction with route 37. Note that these directions assumed you were coming from Geysir and/or Gullfoss further to the north. Follow the directions in reverse order if you're doing this waterfall first.