I would like to do a day trip to Toledo as it sounds fantastic and is only an hour or so away from Madrid. It really depends on whether we want to go here or spend time in Madrid. With travel time we won't have a lot of time to explore Madrid. Thought I'd put this in - just in case so will just mention a few things to do - basically if we do go we will probably just come and have a meal and a quick look around.
Toledo has been compared to a down sized Rome. It's small enough to walk around and is a labyrinth of narrow streets, plazas and inner patios and is comparable to a mini Damascas or Cario. It sits high above Rio Tajo and is one of Spain's most visited cities.
There are alot of religious buildings to see here - synagogues and cathedrals.
Definitely worth a visit if we can fit it in.