If your play yard is going to function mostly as a play space for your baby, or you're on a tight budget, you can probably go with a basic model and skip the accessories such as mobiles and bassinet insert. A pair of lockable wheels or swivel casters on one end of the yard will make it easier to move from room to room. If you'll use it for travel, you'll want a play yard that's lightweight, folds quickly and compactly, and has a carrying case. You may even want to be able to roll the packed unit. A carrying bag that allows the play yard's wheels to roll when it's packed is ideal.
At the higher end of the price spectrum, you'll see a lot of add-on features. For example, the Graco Silhouette Pack ‘n Play Playard with Bassinet and Changer, about $170, has a removable changing table (with an "organizer" to hold diapers, wipes, etc.) and a bassinet feature. The bassinet has a maximum weight capacity of 15 pounds and the changing table has a weight capacity of 25 pounds. This model also comes with a vibrating mattress, electronic mobile, canopy, console with music, and night light. The manufacturer says you should only use the play yard with children under 35 inches tall.
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If you plan to have your little one sleep in your room or your baby has a smaller room you might want to try a pack 'n play that has a smaller footprint. This one acts as a bassinet when your baby is in the newborn stage but can convert to a mini crib when they get older. This model only holds up to 30 pounds but for some that can be well past the age of two. What's also great about this is it looks more like a permanent crib instead of something portable so if you plan to use this all the time it has more of a design aesthetic.
I used this playpen at work for a year. Purchased when my daughter was almost a year old. I had to take it in and out of my car everyday at work and I was worried that it wouldn't hold up due to it being hollow plastic. I was pleasantly surprised! It held up so well that I will be able to use it again for the next baby. My daughter is now two and knows how to stack things so she can climb out and she's tall. However she has never been able to figure out how to unlock the gate. All the toys on the toy panel still work and have held up despite my daughter being rough with them. None of the connector pegs have come off during transport. I really worried they would pop off since they weren't solid and were jostled in my car all the time!
It's helped us out tremendously. It provides a way for us to cordon off a safe space for our son while allowing him an area to freely move. The fact that it breaks apart and can be arranged in various patterns allowed us to expand that space with some creative use of furniture. Sadly though like all young raptors, he's testing the gates, looking for weaknesses that he'll eventually use to escape and terrorize the local populace of cats.