Two epic waterfalls in one relatively easy hike....what more do you want? Only downside to Mist Trail is that like clockwork, around 9am every person in the valley starts climbing up this trail. We can't stress this enough, set your alarm. The difference between this hike at 7am vs 9am is staggering. We have been to Yosemite maybe 10-12 times and I don't think there has ever been a trip where we didn't do this trail. There's also a bunch of fun secret spots all along this trail, which we always love.
Yosemite looks completely different at every season. Naturally, since this is a waterfall hike, your best bet is going during the spring when the snow at elevation is melting and the waterfalls are as powerful as they get all year. There is no chance of not getting wet in the spring as the mist literally spreads a mile down the trail. If you show up in the fall, the waterfalls may not even be falling. Maybe just trickling down from the top. If you're there in fall, take a look at Yosemite falls as you drive past. If Yosemite Falls isn't flowing, then Nevada and Vernal Falls probably aren't doing much. This would be the only time of year where we might suggest skipping Mist Trail.
Should go without saying, that the best views for any waterfall is at the bottom. You aren't really missing too much if you don't decide to take the stairmaster up to the top of Nevada falls. There is a pretty nice viewpoint from top of Nevada from the southern side but nothing better than what you've already seen. There is another nice viewpoint from the top of vernal as well if you hang a right where the trail splits and continues on toward Nevada as well. These can all be hit if you decide to do the full loop.
There is a really cool secret spot along this trail. This is more of its own hike, but if you hit snooze one too many times in the morning and are looking for a way to beat the crowd and still get great views of Vernal and Nevada, we recommend you check out Sierra Point. Sierra Point was formerly an actual trail, but after a large rock slide, this trail was not fixed and has become almost forgotten. This one is only for the truly adventurous though, so don't say we didn't warn ya.
Mist Trail is a no brainer. Vernal Falls is one of our favorite waterfalls in the U.S. Don't be a bum and wake up early and avoid the insane crowds that show up around 9am. You'll get to pass them on your way back down after you've had the trail to yourself for a couple hours. Avoid the fall months if you can as the falls will be really weak and underwhelming.