Kawaguchiko: daytrip or two days?

Hello all,

I'm finalizing my itinerary for February-March 2015 and I don't want to miss the sight of Mount Fuji.

I'm not going to climb or do any particular activity, I just wanna see Fujisan and take some good pictures of it, but given the chance I wouldn't mind doing something else.
So, taking in consideration this, is it better to stay in Kawaguchiko for one night (my option) or I can simply go as a daytrip from Tokyo (taking the bus from Shinjuku) as I was suggested? Other than Mount Fuji, what are the other things to do in Kawaguchiko?

Every suggestion is welcome, thanks all!

A day trip would be sufficient.
Here is one of my favorite places to visit there to get a good perspective of Mt. Fuji:
http://www.japan-guide.com/e/e6917.html

Well, a day trip is enough for general sightseeing. I visited both Kawaguchiko and Shojiko in one day from Shinjuku.
Only stay in the area if you want to fully explore all the five lakes and the caves (car recommended) or if you want to enjoy Fuji Q Highland amusement park, but for that you have to enjoy rollercoasters, of course.

Thanks for the heads up!

Is it possible to paddle with a canoe in the lakes? Is it expensive? Or rent bikes to go around?

By staying a night in Kawaguchi-ko we were lucky waking up with spectacular view of Mt Fuji right from our hotel window. But do note that there is no guarantee with the unpredictable weather. If you are staying in Tokyo for a few days doing it as a day trip has its merit as you can choose to go when the weather is clear, just be sure to go early in the morning. Even during a fine day clouds will start to move in to cover the mt later in the day, so the best time for a good view is early morning.

Country Lake Systems in Kawaguchi-ko provides both canoeing and biking activities around the lake area.
http://c-l-s.jp/original27.html
http://www.yamanashi-kankou.jp/foreign/english/spot/p_9205.html

Some more bike rental information below but no website listed.
http://www.fujisan.ne.jp/fit/en/outdoor_en.html

For a more in-depth exploration of Kawaguchi-ko the following thread has some suggestions on sigthseeing in and around the lake area, but you need more than just a day if you want to take in all.
http://www.tripadvisor.ca/ShowTopic-g298171-i8260-k5662112-Need_advice...

Thanks so much William5, your post is very helpful.

I took into consideration the fact that mt Fuji might be covered by the clouds, that's also why I'd prefer to spend at least a night in Kawaguchiko. If I can spend some time on a canoe or biking around, I think I will like it a lot.