This is a pretty cool place if you are looking for a relaxing trek/picnic. Plan on spending the whole day here, not just a few hours.
Its best to drive to PF in the morning. Its a beautiful scenic drive, about one hour away from Manaus. This place is not touristy , and you will see many locals and Manauaras enjoying the waterfalls. Feel free to dine at the local eateries, and chill in the water with some beer. There are some good hiking trails going along side the water falls and the streams.
The water is from Rio Negro (the black river) .. and true to its name, it is black. Swimming in those waters is a different experience in itself ... dive a few feet underwater, and you can not see a thing ... as you rise up toward the surface with your eyes open, the color slowly changes from black to maroon. It is said that the river is black because of the large amounts of sediments and dead leaves it carries.
PF is a very nice place to be closer to the rainforest than Manaus, and yet be comfortable. Be very careful if you are driving back to Manaus at night .... there are no street lights and some of the locals tend to get drunk and cross the road with no concern for oncoming traffic.
*****A scenic 107km drive north on BR-174 (the only road out of town, don't worry, you'll find it...just stop before you reach Venezuela or any ocean!!) PRESIDENTE FIGUEIREDO is a tiny village...with a number of nearby, fantastic waterfalls!! You will sooo love these after hiking through the rainforest to reach them...just bring your own snacks and drinking water, pleeeease, since you will not like what Mother Nature has to offer for lunch and dinner here..hmmmm, and insect repellent wouldn't be such a bad idea either....*****
*****Just be aware that there apparently is a fine line btwn what is urban and what is rural up there...even though you would be reeeeally hard-pressed to notice any difference yourself! This sign as you leave the metropolis makes things pointedly clear for you...hehehehehe...*****