My friend Celia has an amazing white tree peony that has over 100 dinnerplate size peonies in bloom in late May and early June. I'll try to find a photo and post it later.
One of the other nice features of the tree peony is that the seedheads are quite interesting in designs in the Fall, so I always liked to have some in my garden for my design work.
This is the best time of year to plant peonies as it allows the roots to establish before the heavy frosts arrive and also means that they will be ready next Spring to give their first display of blooms.