Waterfalls are one way of visualizing the "odds form" of "Bayes' rule", which states that the prior odds times the likelihood ratio equals the posterior odds\. In turn, this rule can be seen as formalizing the notion of "the strength of evidence" or "how much a piece of evidence should make us update our beliefs"\. We'll take a look at this more general form next\.
Ah, insightful! I hadn't seen forms of Bayes' Rule other than the probability form before today, and this is very helpful (well, perhaps I had seen them but it hasn't "hit me" until now).
I like that this is emphasized. To further emphasize, I think a formula should be added as a block level element underneath.