My wife and I recently did this hike in a group, guided by Boquete Outdoor Adventures. It's a really great hike, with pretty spectacular scenery and payoffs. Our group actually reached two of the three waterfalls, seeing the third from a distance.
A couple of things to point out: There may be various options, but at least in terms of the route that we took, the opening leg consisted of a quite steep, sustained uphill climb. The rest of the hike was on either uneven or downhill terrain--tricky, but not nearly as challenging as the opening shot. Judge the shape you're in and be prepared.
Second, there seems to be a bit of a debate about whether or not a guide is necessary or advisable. all I can say is the following: We've done considerable hiking. This trail is not marked nearly as well as one would expect in the United States, with clear blazes indicating turns. The correct route may or may not always be entirely obvious. At one fork, there was a directional sign, with an arrow, but the sign was broken in half, so that it was impossible to tell the intended direction. Early on the hike, a rather dazed and disoriented woman kind of wandered out of the forest. She had hiked the trail by herself the preceding day, had gotten lost and had spent the night in the woods. (She had also started out relatively late in the day and had run out of daylight.)
So, I'm certainly not saying that it's impossible to do this hike on your own--plenty of people do it and find the route pretty easy and obvious. But I have to say that I wasn't at all unhappy that we had an experienced guide.
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