I have been to Cusco four times and to Machu Picchu three times, having lived twice in Peru. I highly recommend a trip to MP, one of the truly outstanding wonders of the world.
My wife and I stayed in modest hotels in Aguas Calientes during each of our visits. The hotels were clean and comfortable but but small. I didn't mind them one bit. Our travel agent (see below) arranged them.
I think the first bus up to Machu Picchu leaves at 7:30 am, not 10:00 am. I just consulted my travel journal and noted that our guide picked us up from the hotel at 7:30 am. The date stamp on the first picture I took of MP that day was at 8:10 am. If you can get there soon, I would recommend that you do so.
MP, of course, is the highlight of any trip to Peru, but there is so much more to see. I highly recommend a one-day visit in Lima, including the Gold Museum. Trips to the Nazca Lines, to the Paracas National Reserve (kind of a poor-person's Galapogos Islands), and to the ruins of Pachacamac would also be worth the time (a day or two) if you have time during your trip.
Once in Cusco, you should take a tour of the city and outlying Inca ruins. They are fabulous. I also highly recommend that you take a tour that leaves Cusco, travels to the ruins of Pisac (requires some hiking), and then travels through the Sacred Valley until it arrives at Ollantaytambo, ready to take the train trip to Aguas Calientes.
If you have time, I also highly recommend the luxury bus tour from Cusco to Puno and Lake Titicaca, and a tour of the floating islands of the Uros. Wow! What an experience.
A tour guide that I highly recommend is Zarahemla "Zara" (pronounced like Sarah) Lopez. She has her own clean, modern van, can pick you up at the Lima airport, can arrange a hotel in Lima, and can get you to Cusco and back. She has connections with an excellent travel agent (Ebert Carrasco) in Cusco and Machu Picchu.
What impressed me the most with Zara is that she is super-conscientious, extremely safety conscious, and pays attention to all details. Her agency is called JALTours. She can be reached by email at zaralopez (at) hotmail (dot) com or through her Facebook page (just do a facebook search of "Zarahemla Lopez"). Oh, and she's reasonably priced.
Good luck. You love your trip to Peru.
For pictures of our travels in Peru, go to
http://picasaweb.google.com/ScottnBeverlyinPeru