The peak varies from year to year depending on temperature and moisture during the preceding months, but this is a pretty good web site for checking the status. Reports are issued twice per week. You can also check the archives for 2001-2006 reports.

Anywhere in the Mountain Region should be an excellent vantage point, but some years the color change is a bit on the dismal side. My favorite location is the Hickory Nut Gorge area. Chimney Rock State Park is located there.

If you want to see REAL fall foliage, go up north to New England. Say, New Hampshire or Vermont. Can't beat the colors up there, imo. You can go to a NH or VT website and they'll usually give you foliage reports for the year.

If you live in the Washington DC area and just want a short trip just cruise the GW Parkway between Mount Vernon and Old Town Alexandria. Patches of trees have been sheltered from the winds and have developed good color. I head the same was true at Skyline Drive in Shennandoah National Park. (Many trees have shed their leaves already but some of the later season trees have come into good color now) Any North facing hillside or stand of trees might be barren but the Southern exposures still show a good range of color variation.
If you are outside the DC area just do a search for your state name and "Leaf peak" Some of the major weather websites also have leaf peak maps and state tourism websites will give only slightly outdated information for most states.
Remember too that you might not like the same color pallette as someone else so you could find an area enchanting that a friend told you was no good. Explore and build your own favorite areas and seasons.