I'm looking to rent an apartment in a nice area in Italy within 2.5 hours (by train) of Milan in early August. I've already done the highlights of Italy (Milan, Venice, Florence, etc.) so this time I'm just looking to indulge in la dolce vita!
Varenna on Lake Como comes to mind. It's beautiful there and great ferry rides to the other towns on the lake. And it won't be as warm/hot as the rest of Italy.
Car or no car? With car, look into Lake Orta. Without car, Verona or Bologna.
Vote for Lake Como... beautiful
No car if I can avoid it.
You won't need a car for Varenna on Lake Como. The train takes you straight there from Milan in about an hour. You can take the ferry to other towns on the lake. Get the RS Italy 2011 book to help you enjoy it to the fullest. Lake Como is beautiful.
Varenna and Lago di Como while lovely is very touristy. Consider, instead, Bergamo. Easy to get to by train, very untouristy, relativley unnoticed by Americans and still quite lovely with good food as well. Here is a link to a New York Times article to get you interested. Just Google Bergamo for photos and more info. http://travel.nytimes.com/2010/12/19/travel/19bergamo-overnighter.html