I visited 3 watertowns - Zhouzhuang, Tongli and another one whose name escapes me. To be quite honest, if you've been to one, you've been to them all.
There are obviously slight differences (each water town has a different food specialty) but when you come right down to it, they offer the same views and the same knickknacks.
Don't get me wrong -- visit at least one water town (and it is very true that Zhouzhuang is extremely commercialized, but there were parts of Tongli and the third watertown that were a little too quiet and serene for us). They are beautiful places and its incredible to see how people lived (and some still live) that way.
When we returned to the states and flipped through our digital camera, we couldn't remember which pics belonged to which town.
My advice, however, is not to waste your time visiting more than 2 (just for comparison's sake).
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