It's a nice city and a must visit if you plan to go to Machu Picchu. Cathedral is good - you can climb up the tiny stairs in the cathedral and see the view of the Plaza from up there. Pretty good.
But I liked Lima better. It's more of a real city. Cuzco is just a tourist city and you better a lot of USD. Outside of the Cuzco downtown area and the San Blas area, the cobble stone streets, there's nothing much. Local people only work in this area and they don't or maybe cannot afford to shop here. I only saw people who looked like tourists and everything here is catered to tourists. Even the restaurant was playing nba basket ball match at the TV in the Bar.
If you plan to take the train to Machu Picchu, then it's a good area to stop by to get acclimatized to the altitude. Spend a day to get used to it.
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