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Deals damage and has a 20% chance to flinch the target. It also has an in-game effect that allows you to climb or descend waterfalls.
Waterfall falls into a very unique category indeed: it's a physical Water-type move. Thus, it sees quite a bit of use, thanks to its healthy 80 Base Power, flawless accuracy, and large distribution, and it's worth noting that the 20% flinch chance isn't bad at all. For these reasons it has been a staple for physical Water-type Pokemon like Gyarados, Kingdra, Kabutops, and Azumarill since the DPP era, when the physical/special split occurred. However, you may choose to opt for Aqua Tail instead, which gives slightly more power in exchange for slightly lower accuracy. Thus, Waterfall is mostly used on offensive sets that can't afford that unlucky miss at the most crucial times.
Aqua Tail is a slightly more powerful option that comes with an imperfect 90% accuracy.