I've only had the chance to play with waterfalls/flowing water a few times, mostly due to always being out when its far too bright for what I had at hand to shoot the scene. Its something I plan to correct at some point, since I now live literally a block away from the Kennebec River and about 4 from a small waterfall of sorts where the river drops over a small dam that's been there for well over a century (the neighborhood I live in is actually called Head of Falls locally).
These were with the 18-55mm kit lens with my K-x.
1.6 seconds, 55mm, f/32, ND+8 filter, ISO 100
A bit more sane aperture here... 1/8 second, 55mm, f/8, not sure which ND filter here, ISO 200.
.8 seconds, 18mm, f/3.5 (yup, wide open...), ND filter (not sure which), ISO 200