I've been there several times and the angle you may want to take is just experiencing another country's culture. It's not like Las Vegas were you go here here and here and everything is cool and touristy.
The Canal is a must see. Have lunch there. Casco Viejo is interesting. Just be careful which alley you venture down. The fish market. Fresh seafood cooked right there. Decent beaches are an hour out of the city and are usually all to yourself on weekdays. Great shopping there if you are into that. Don't go to the Atlantic side (Colon) it's not pleasant. If you rent a car, gas stations are rare so make sure you keep your tank full. The city is quite first world but the interior less so. You should still experience it. You can get by with English in the city but not so much in the interior.
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