I recommend making a day trip to Waziristan. On the road through the mountains ride in the back of a truck waving your American flag, with Lee Greenwood's "Proud to Be an American" blasting from your stereo.
The Link Scroll down to Pakistan. More than you'd ever want to know. The travel warning is interesting. The US State Dept tends to be a little paranoid though, like a worrisome grandmother. I've found the British version of the State Department to be a little less hysterical, and still very applicable to Americans. Sorry, no link (I'm lazy), but you can find it after a little searching.
Islamabad is much safer than Karachi. Plus if you go to Islamabad, you can catch a flight to Gilgit or Skardu pretty easily. Highly recommend getting your local friend to book tickets for both of you into Gilgit or Skardu and negotiate for a jeep tour of the Deosai Plains once you are there. Plus if you're with a local, he and his family will always look out for you and make sure you're never in harm's way. If you were wanting to go by yourself without a local as a host / guide, personally I wouldn't recommend going.
I went through Yugoslavia when the war was just starting. Today, probably because I have a family, I wouldn't make the same choice. Pakistan, I would think, is safer than Yugoslavia was at the beginning of the war but recognize that the danger is still there. Interestingly, I have been invited to Jordan. I have few reservations about going but there is very little that I want to see. There are just other places that I would prefer.
I was thinking of HornInDub's suggestion. My hosts would be in Islamabad. If I can arrange travel to the Hindu Kush, then I will probably go. If not, then I'm not so sure.