I did a trip last year to Panama. I, too, found it strange that no one said anything about it. There's a live-aboard on the pacific side that gets a little p.r. but one never hears about the caribbean side. We went to Bocas Del Toro, islands up in the northeast - near the Costa Rican border. The diving is just ok. It's a poor area and fishing subsistence fishing is big. Coral in good shape and lots of small things (good for macro). We dove with Bocas Water Sports. Owned by a texas expat and run by a local guy. Very laid back. One dive in the a.m. Back for lunch. One dive in the p.m.
But, man, is it CHEAP! Dinner for my wife and I at a place the locals eat was $7...total. You can spend more, but not much. Our room at a clean 6 room locally-owned place was $22 per night. Very laid-back trip, but not spectacular diving.
Oh, and the Abuelo rum is excellent.
If you want more info pm me.