ONLY!!!!!!!
The Alcázar is not even on my main list of important things to do!!!!!!
Toledo has wonderful streets which you can roam for days. It also has the Claves de Toledo, a new exhibition relating the history of the city and Spain, there are usually a number of temporary exhibits which are wonderful. In February they had a cool exhibit on the Talavera pottery with gorgeous ancient pieces. It is a cultural center with lots happening. Check with the TI to see what is currently happening!!! It also has 6 km of ancient walls with original bridges and ports of entry. The ancient gates are massive and incredible.
I have never waited in line to do things because I stay in Toledo and do them before and after the tour buses leave. During the few hours that the tour buses are there, I do other things.
I have now spent about 14 days in Toledo and am still finding new things to do. I always start my trips there because it is so 'user friendly'. It is easy to get to by bus from Madrid and we find it to be fun and relaxing.
I just planned a 10 and a 12 day trip for two sets of friends and had them start in Toledo. One group was a family with two kids and the other was a couple in their 40s and none of them spoke Spanish. Both groups felt that Toledo was one of the best parts of their trìp. It was one of the only places where the kids could run free.
Segovia is nice and I found it to be a wonderful daytrip from Madrid. Toledo is much more than a daytrip if you really want to get the flavor of the city. Segovia is certainly best for roast piglet, but Toledo has good normal food and a great seafood restuarante.
They are very different experiences and I consider both to be important. If you just have a day, either one works. If you can do two day trips, I might do both. If you are looking for a place to sit and enjoy for a couple days or more, I would go to Toledo.
I will be back in Toledo in June and maybe July for a couple more days!!!!