I was considering coming up there jus yr for a day trip and because I love waterfalls... I did however read that there was a max of 1hr parking, is this this true and is there a fee for parking?

There is an unpaved gravel lot on a hill next to Ithaca Falls. I always park there when I visit the falls. I've stayed for up to an hour with no trouble. The falls are only a few steps from the parking lot so you probably won't need more than an hour anyway. I did not see any postings about a 1 hour limit the last two times I was there but do pay attention to signage. I got a ticket where I parked near the entrance to Cascadilla Gorge.

Thank you... it's just some place different