I would like 'Dense' to be at the top and 'Sparse' to be at the bottom.
Just change the properties of the Color Scheme
Select the Color Scheme expand the list and then select format color scheme
Select the circled buttons and change the colors around
That's the reverse the color scheme:
Is this available to you by right-clicking in the contents pane?
To answer "I would like 'Dense' to be at the top and 'Sparse' to be at the bottom" either right-click > Edit value, or simply double-click the value to rename it:
Kory Kramer, in your last screenshot/animation, that allows you to manually change the word that's displayed, but in this case it seems that isn't helpful because now "Sparse" is associated with values close to 1.00, and "Dense" for values close to 0.00
Is there a way to flip the entire thing? I looked into it and couldn't find any other options or features besides the ones you describe...
You're right! I tried doing something similar by changing the values, but it doesn't appear to stick. Maybe this is a good one for ArcGIS Ideas