This is my favorite back country camping spot. The sites near the middle of Macs Gap trail are huge and there is easy access to a couple streams. Bring a good map and stick to the trails that your map covers. It's an easy place to get lost because of all the unofficial trails. Waterfalls are everywhere.
A good distance from cashiers.
Just spent the weekend at Panthertown Valley and loved it! However - be aware that the bears here are extremely bad. I actually had an encounter with a very large bear who charged my group and destroyed at tent, and heard similar stories from other campers. That being said, I still had an incredible weekend! There are countless beautiful waterfalls and even some beach campsites where you can wake up to a waterfall right in front of you. The USFS is considering making bear canisters required in this area, and I was certainly glad I brought mine!