Playfair Display is an open-source, transitional serif designed by Danish typeface designer Claus Eggers Sørensen and released in 2011. The design is influenced by typefaces from the mid to late 18th 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 it can be paired with Georgia.
If you are looking for an alternative to Playfair Display, I recommend checking out Didot and Acta Display. I think FF Super Grotesk would make a nice font combination with Playfair Display.