I just returned from 2.5 weeks in Panama. Spent 2 weeks with Panama Divers in Portobello. Can't say enough good things about Clay and his group. The hotel/dive shop was very accommodating to our group and were a pleasure to deal with. The diving was good also. I put down 20 dives there in the two weeks, all reef with the exception of a dive on a fish farm and a wreck dive.
Spent the last 4 days in Bocas Del Toro caving. Made a single night dive the day before I left (used La Buga, another good group of guys, very accommodating for a few hours notice for a night dive). The reef there was quite a bit different. Visibility between the two places was comparable this time of year, but I hear it improves significantly in the fall months. Overall I would say the reefs in Bocas looked a bit healthier, although it's hard to compare after a single night dive.
Spent the last 4 days in Bocas Del Toro caving. Made a single night dive the day before I left (used La Buga, another good group of guys, very accommodating for a few hours notice for a night dive). The reef there was quite a bit different. Visibility between the two places was comparable this time of year, but I hear it improves significantly in the fall months. Overall I would say the reefs in Bocas looked a bit healthier, although it's hard to compare after a single night dive.