The falls is still quite the gush of water, especially during a big snow melt, or after rain.
I doubt they'll be moving the overpass. And yes, it certainly ruins what must have been a glorious spectacle at one time. I probably walked to that falls over a hundred times during my 9 years in Manitou. I liked taking the dog there, as I lived on that side of town.
I was really surprised when I read -- and I read everything about Manitou there is to read, in the local library -- that the falls used to be a BIG attraction, such that they had burro or cart rides out to see it as another poster mentioned. That, in itself is kind of funny because it isn't that far away. That was even before the tuberculosis period. (Tuberculosis is the reason there are all those funky little homes all over Manitou.) Manitou was an enclave for the wealthy, before tuberculosis hit, and people starting taking the cure, walking from spring to spring in a set sequence, sleeping on screen porches even during the winter(!).
Back to the falls. It took them years to restore the downtown springs. The town isn't exactly cash rich, but if someone endows them with an inheritance or something, it would be nice if they could de-graffiti the bridge and fix up the trail to the falls. I think they probably don't encourage visitors to that area now, because playing around the falls could be dangererous for kids, but at least it wasn't fenced off the last time I was there, (1999).
Other places that are unique I discovered in Manitou:
Vertical caves on some of the hills. And, a railroad tunnel going through a mountain on the way to Woodland Park, where they have a bunch of barrels stored, of chemicals probably. (Won't find that one in the tourist guide.)