The Five Coloured Pool in Jiuzhaigou Valley (九寨沟) is the biggest attraction. It's a small lake with 5 different tones of rich blue, a blue which is very, very rare. The crowd is pretty bad around the lake, especially in the middle of the day, so brace yourselves before arriving.
(Oh, by the way: this entry was written by Peter Molnar, and originally posted on petermolnar dot net.)