This scenic spot has a rather unusual claim to fame: at its center lies a nearly perfectly symmetrical spring-fed lake, one of only two such naturally circular bodies of water in the world (the other is in Switzerland). A sidewalk encircles Lake DeFuniak (also called Circle Lake), which is dotted by pine and shade trees, creating a very pleasing atmosphere for a long-distance mosey.
In 1885 the town was chosen as the location for the New York Chautauqua educational society's winter assembly. The Chautauqua programs were discontinued in 1922, but DeFuniak Springs attempts to revive them, in spirit at least, by sponsoring a countywide Chautauqua Festival in April. The holidays are a particularly festive time, when the sprawling Victorian houses surrounding the lake are decorated to the nines.
There's not a tremendous amount to see here, but if you have the good sense to travel U.S. 90 to discover Old Florida, at least take the time to travel Circle Drive to see its beautiful Victorian homes and walk around the small downtown area and drop in its bookstores, cafés, and small shops.