I avoided Gstaad for years because of the hype that it's a resort only for the rich and famous. But when I finally spent time there, I discovered incredible ranges of green, rolling hills dotted with patches of evergreens and quaint brown-wood villages. From Gstaad, you can visit the Vaud villages of the Pays d'Enhaut (Chateau d'Oex, Rougemont) as well as those of the Saanen Valley (Saanen); you can visit the mountain tops of Eggli and Gsteig, the glacier at Les Diablerets, and the lake Launensee; you can also take excursions to the Thun & Spiez on the Thunersee or to Gruyeres.
I have a small booklet from the Tourist Office that lists the walking trails in the area, and there are literally dozens of them, ranging from a few hours to more than five hours. I've cycled one of the local routes and found the trail around Rougemont leading to Chateau d'Oex to be one of the most picturesque I've ever seen. It's possible to cycle from Gstaad to Gruyeres (rent bikes in Gstaad, Bulle, or Chateau d'Oex).
It's really a paradise for hikers and bikers!