My girlfriend and I just returned from ten days in Panama, and I wanted to offer feedback on some of the places we stayed in Bocas del Toro. We stayed on Isla Bastimentos, a beautiful island. The first place we stayed was La Loma, The Jungle Lodge. The owners, Henry and Margaret, had just opened, and they were amazing. The lodges are beautiful and the view is beyond description. Margaret is a fantastic cook and Henry is a great source of knowledge of the wildlife, flora, and fauna of Isla Bastimentos and Bocas in general. He also knows quite a bit about the Ngobe Indians of the island. He arranged a personal tour of a incredible salt creek. I could not recommend La Loma more highly.
The second place we stayed was Al Natural. Again, our stay here was great. Vincent is a great chef and the dinners were outstanding. We had great late-night conversations with Vincent and the other guests. The cabins look out over the beach and there is good snorkeling right off the pier (you have to look around a bit to find it).
I would recommend Isla Bastimentos over the hotels in Bocas Town. I think there are some great places to stay there, but we were not that impressed with the town itself.