I think of Lake Como as Heaven on Earth. We stayed in Albergo Olivedo in Varenna. Varenna is very easily reached by train from Milan or from Chur in Switzerland (via the Bernina Express). Our room in Varenna was on the 3rd floor with the most amazing views of the lake. The ferry docks right in front of the hotel so it is very easy to get around the lake. If you go to Lake Como do not miss the Villa Balbianello. Here's a link to the Villa. http://www.fondoambiente.it/english/...es/Balbianell/

If you are thinking of a 4 or 5 day stay, you may want to consider a self contained vacation rental. Most of the rentals that I have seen have boat or bus access to the centres, where you can get a train.

It would be a lot cheaper than a hotel. One dissadvantage is there is usually a minimum 1 week rental (Sat to Sat).

Check out VRBO.com

I'm sure that weather has a huge influence on this, but I might check to see which lake location has the most frequent and convenient ferry schedules during the off season.

Also, where are there more open hotels and restaurants? Off season can be great (quiet, etc.) but I wouldn't enjoy myself if most things were closed or tourist services were not available.