It all depends on the water flow and how you want the image portrayed. Most of my waterfalls are shot at 1 second, some at 2 seconds others at 1/2 second (again, depending on the circumstances and what I want to portray). If I were to be shooting some strong rapids, however, I might want to expose so that the motion of the rapids is frozen.
The first time I ever photographed a waterfall, I used an entire roll experimenting with shutter speeds. It's worth spending a roll to see what you like best.
I also use a polarizer on every waterfall shot.