Panama City - 2007 - 26
This is the 'city harbor', with a view of the 'docks'. As you can see, this has not been 'developed', and is still a quaint, small, port-of-call for smaller 'world-cruisers' who are looking for an inexpensive place to anchor-up for awhile. At the dock are a couple of the local 'dive boats'. I've read that the diving is nice, but nothing spectacular; however, you get to do it inexpensively and in small groups in uncrowded waters.
The real picture here is the beauty of the bay itself. Huge, totally protected, deep-water (to some degree) and surrounded by beautiful jungle and mountains.