Gordon Falls Lookout is probably one of the major lookouts in Leura and is on the town's southern ridge, near
Leuralla (the toy and railway museum set in an early twentieth century mansion). The lookout involves a relatively short (though steep) trek down some steps, where you'll find views of Gordon Falls plunging down a 200 metre drop.
This place is a whole lot more private than busy
Wentworth Falls, but I have to admit, the waterfall is pretty tiny. However, it's only because there's such a selection in the Blue Mountains that I can make a comparison like that (and I found an equally small waterfall at Evans Lookout and reacted completely differently because it had been unexpected).

The waterfall is that white line right along the edge of the cliff's shadow
The rest of the view rivals anything else you'll find nearby, with an amazing panorama of the Jamison Valley, including Mount Solitary directly out from the lookout.

Mount Solitary

The Jamison Valley
At the beginning of the walk, by the road, you will find Gordon Reserve. It's a picnic area with toilets, a barbecue and play equipment. In the other direction, across the road from Leuralla, are the
public amphitheatre gardens, which cost $2 to enter. Both sites offer you somewhere to have lunch.
There are longer walks all along the clifftops and into the valleys of the Blue Mountains and this area is no exception. Walks starting or passing through here include one to the very popular
Leura Cascades.
Gordon Falls Lookout is also a stop for the
Blue Mountains Explorer Bus and
Trolley Tours (as are Leuralla and the Leura Cascades). If you get a pass for one of these tours, you can get on and off the buses all day as they make their way around Leura and Katoomba (major stops in the latter town are the
Three Sisters and
Scenic World).