Kolufossar is an interestingly shaped waterfall at the beginning of a nice and deep canyon. It's definitely worth the short detour from the Ring Road.
Photo Tips: I like how the waterfall looks from below, within the canyon. You'll need a wideangle lens here. However, even different compositions are worth checking out, like directly up from the bridge.
Getting there: It's just about 6 km from the Ring Road on a good gravel road. Parking right next to the waterfall.