Anyone stay in either town and, if so could you share impressions. We want to visit Bologna and Ravenna but enjoy smaller places.
I haven't been to Faenza but really like Imola. It is quite close to Bologna. Ran a half marathon there and enjoyed the city center. I spend a lot of time in both Bologna and Ravenna -monthly for both and Ravenna really has a small town feel in comparison with Bologna in my opinion.
I didn't stay in Faenza but I did a day trip there. It was definitely much much quiter -- fewer people on the streets, fewer tourists -- than Bologna, Ravenna, Parma or Padua. I went there to see the ceramics.
I've daytripped to Faenza, too, but never been to Imola. Faenza was very quiet in the afternoon; I probably hit the siesta period.
I would add that I found a solid two days' worth of sightseeing in Ravenna. I'm nuts about ceramics [meant to write "mosaics", though I also like contemporary ceramics a lot] but didn't have time for the new history museum out at Classe despite spending three nights in Ravenna, albeit with a dinnertime arrival and an early departure. I wouldn't want to treat Ravenna as a daytrip destination, though that works fine for folks not trying to see all the mosaics and the art museum.
We stayed in Faenza for 3 nights this spring. The town is pleasant enough and the center (Piazza del Popolo) is lively and makes for an enjoyable passegiata and evening meal. The city doesn't have a large number of attractions beyond the ceramics museum, but it makes a good base as it's easy to drive in and out. We enjoyed exploring the nearby towns of Brisighella and Modigliana and a drive through the scenic hills of the Parco Regionale della Vena del Gesso Romagnola. Brisighella's streets and buildings are classic and the area is famous for its olive oil. The Park has many hiking and bike trails as well as interesting gypsum (gesso) geologic and industrial landmarks. Do read up on the area before you go as the local English language travel info available is scant.
We did the easy drive to Faenza from Ravenna Classe in 45 min. The Basilica of Sant'Apollinare in Classe is not to be missed - it's so old (1500 years!), so simple and yet so sumptuous, it will leave you humble.