Pingyao is sort of a mix between a Chinese "Historical / Cultural location" and a "tourist trap". Its "Famous" for being one of the few cities which has remained in the 'traditional' Qing Dynasty layouts. Accordingly its been listed as a UNESCO world heritage site.
There are some beautiful architectural sights there, although some might say that it a little maintainence would be handy. Personally I'd be cautious on how to maintain it without destroying it by poor restoration. Lots of lovely carefully taken pictures can be found at THIS site, but depending on when you go, what you see might look more like the images found here.
We traveled in December, so it was winter. This means that not only are things colder,
they are also bleaker. This might effect when you go there, as I suspect spring would
be nicer. Definately when we were there it was low season. So depending on your love
of crowds (and the need to book ahead) you might prever spring.
Rather than give you everything I can think of on Pingyao I thought that I would divide
this into