The area is the gateway to Inner Nikko (奥日光 Oku-Nikko). Buses from Tobu Nikko Station cost ¥1100. Buses from the shrine & temple area cost ¥950 (look for bus stop #9 on Hwy 120 just outside Nishi sando -- note that this bus stop system is separate from the bus line that circles the shrines and temples). The bus ride is about 30 minutes from Nikko -- get off at bus stop #24. Pasmo cards are accepted.
Lake Chuzenji - has rowing and motor boat facilites in the warm season. A 5 minute walk from the Chuzenji bus stop. Winter and early spring are quieter months for this area, but very peaceful.
Kegon Falls - a 5 minute walk from the Chuzenji bus stop (along the main road, in the opposite direction of Lake Chuzenji). Signage is very good. The waterfall is large in early spring, when the snow is melting.
There are hotels and ryokan surrounding Lake Chuzenji. Another easy option is to stay in Nikko (near the train station, or near the temples and shrines), and take the Tobu bus between Nikko and Chuzenji (approximately 30 minutes and 950 yen each way).