Peonies are a long lived plant and you'll often find them still growing around abandoned homes. Once planted, they don't appreciate being moved or divided, but they can be. You'll just have to wait a few years for them to stop mopping and start blooming again.
Peonies make wonderful cut flowers. They're long lasting and they have a sweet, but not over powering fragrance. Cut when not quite fully open, for longest bloom.
Paeonia lactiflora 'Alma Hansen' - Peony (USDA Zones 4 - 8, 3-4' x 3', Pale Pink Blooms: Early to Mid-Summer)
Alternatives:
- Peony 'Miss Eckhart' - Vivid pink blooms.
- Peony 'Sarah Bernhardt' - The classic double pink peony.
Here's a quick profile on growing peonies.