The waterfall terrace is cool and your fishing rewards are only mounted fish.
However the Go Fish gives the owner an exclsuive black enamel salt water tank and when you catch fish they auto go to your tank.
I own both spaces and my recommendation is Go Fish
The best thing to do is get a tour of both spaces. Personally, I own the Waterfall Terrace and have only seen the Go Fish space in videos. Between the two I much prefer Waterfall Terrace. Below is a pic of the rewards from the Waterfall Terrace space. You start off getting the boots, then the pants and you get the vest and hat last (at the same time).
Thanks for the replies everyone. The Go fish space is really tiny but the game does look cool. But I did like the look of Waterfall Terrace and the fishing outfits you win do look pretty awesome. And most of you on here recommended WT. So I think I will definetly get that one. It's also cheaper $4.99 where Go Fish is $6.99 so that's a big plus right there lol.