Playfair Display is an open-source, Transitional (although the high-contrast stokes might place it more in the Modern category) serif typeface designed by Danish type designer Claus Eggers Sørensen in 2011. The design is influenced by typefaces from the mid to late eighteenth century, such as Baskerville. I think it makes an excellent font for titles and headlines (especially the beautiful italic), however, for long stretches of body copy the delicate, high-contrast strokes might hinder readability, especially when used at smaller sizes.
If you are looking for an alternative to Playfair Display, I recommend checking out Leitura Display and Acta Display. I think FF Super Grotesk would make a nice font combination paired with it.