It is a great base to see Central Otago. Queenstown is a short drive away and Cromwell is a cheaper (better value for money) option for accommodation.
Same for Wanaka and Arrowtown. The Highlands Motor sport complex is great to visit and the displays are often changed. Cromwell is well-known for its fruit. There are also a large number of wineries in the area. While the town is small, there is plenty to fill in your day(s).