Montecatini is situated in Tuscany. You can take a train from Lake Como to Montecatini but with a stopover in Milan.
Montecatini is a very small village with much of the action happening at the central plaza. You can take a walk somewhere out of the periphery for other shops and restaurants.
I did not have a chance to, but you can take a number of day tours and trips to the wine region. Take care to book since a tour that I wanted to take was sold out.
From Montecatini, you can also take a day trip to Pisa, Firenze/Florence and Cinque Terre.
One of the towns to go to is Lucca which is only a short train ride away from Montecatini. I was there on a very short trip on a Sunday so the shops were closed but otherwise it would have been an interesting city to be in for the day.