Just came back from my trip to Huangshan, so I ll add to whatever touchme and the others have said before:
My itinerary:
Day-1:
Hangzhou - Huangshan via bus (Straight to Tangkou) 3hrs. Always take the bus from inside the terminal, else will be like us, the bus keep picking and dropping people halfway, waste too much time, not worth the 10-15RMB discount.
Huangshan -
Up via Chi Guang Ge (Yuping Cableway). The Yungu cableway is closed till further notice, so 2 cableways up or u climb
When I went up, mid-decemember, the first day was super foggy. I couldnt see a thing on the cable car. Even up on the mountain, the 2hr hike to Baiyun Hotel, visibility < 5m. The hike up is really quite xiong, tonnes of stairs to go up and down. Mid-December, super cold when I was there, at -3, so it makes the climb tougher, but the mountains are empty as compared to summer
Baiyun Hotel:
Hotel was ok, if you read reviews on tripadvisor etc, you know cant expect much. Dinner was decent but very very expensive. As a benchmark, 2 person I paid $60 dollars for a normal meal, at Lou Wai Lou in Hangzhou, I paid only $50
Day - 2:
Sunrise @ Bright's Summit (Couldnt see cause of clouds and fogs)
Hike to Feilai Peak
(Ideally after this you should continue to Xihai etc, but my gf wasnt very comfortable with the cold, it was snowing by this time, so we went down)
Downhill, see Lotus Peak, Guest Greeting Tree, take cable car again
From Huangshan, we took a 100RMB taxi to Hongcun (Damn shag, so decided to cab instead of bus) 1hr
Stayed the night in Hongcun, very nice place especially in winter when there isnt much people at all. I didnt pre-book, so just stayed in a random mingsu. They have tonnes if you walk around, cost about 100RMB per nite for 2 person. Walked around Hongcun (quite small about size of orchard to somerset mrt), and have dinner in the town itself.
Day-3:
Woke up abit earlier cause too cold, the mingshu got no good heater. Took the free provided tour of Hongcun by the guides there. Just go entrance wait, it's free one. After that, took a cab to Tunxi (150 RMB + 20 tips cause he was nice and brought us to the Tunxi Old Street since we had spare time before the next scheduled bus leaves). Took a bus back to Hangzhou at about 1. Reached hangzhou about 4pm
Some photos of the trip for your viewing
Huangshan - a set on Flickr
If anyone has queries, can drop me a PM, I ll try to help as best as I can. It's really a beautiful place, definitely worth visiting.