Lots of restaurants and some pretty areas to wander around. Also a Tequila making / tasting tour but not much else to do.
We loved our visit to Valladolid and really wished we had stayed 3 days instead of 2. There is so much to see and do.
It is close to Chichen Itza, Ek Balam -two ruins and 3 cents, Zaci-in town and Dzintup and the one across the way. Also, the convent in Sisal was interesting. Depending on your price range, there are truly excellent restaurants with Yucatecan food with Valladolid's interpretation. We really enjoyed Conato on Calle 40 - N, # 226 x 45 y 47 especially and it was quite reasonable.