En route to hike Cerro Picacho from the south, a friend and I crossed the top of Sanchez Falls. As the trail circles around to the north side of the canyon, a much better view opens up. I read that this waterfall's flow is usually quite low, but it was flowing quite heavily at the time of cache placement.
This all used to be forest, and the falls were just barely visible through trees. However, the Las Conchas Fire of 2011 decimated this area, and the view is no longer as hard to obtain...the reason for the cache name. From here, you can explore up Sanchez Canyon, continue north toward Medio Canyon, or up to Cerro Picacho...though I warn that the trail junction that heads to St. Peter's Dome/Cerro Picacho is almost impossible to find now.
This is a very harsh area, with shade being a luxury. My friend and I spent about 8 hours under the sun with all of our extra exploration, so definitely come prepared to deal with the elements.
With all that being said, this place is incredibly beautiful still and I hope you all enjoy hiking around and finding this cache!