I am always amazed every year when the first leaves of the waterlilies come to the surface of the pond. The flowers are stunning. As an added benefit, the plant does a great deal to maintain the well-being of the pond. They provide shade to keep the water temperature down during the summer months, they block out a lot of sunlight which helps to keep the algae growth down and they absorb nutrients in the water to help keep the water clear. They also provide shelter for my fish and help to hide them from the heron.
As waterlilies prefer calm, still water I have placed them at the side of the pond which is furthest away from my waterfall. I have four in the bottom pond and two in the top pond.