Just visited both Costa Rica and Panama. I preferred Panama. Costa Rica has become quite commercial and more expensive than Panama. You can do many of the adventures for a lower cost. In Costa Rica I did the coffee plantation and Sarchi, neither was fabulous and the 5 hour tour was 9 hours due to the highway being closed. I thought the oxcart factory in Sarchi was very good and lots of handicrafts to purchase.
I did old town and modern city tour in Panama City. The skyline is beautiful in Panama. The old town has a beautiful church- San Phillip. You can bargain for everything. I got good prices for everything -shawl meuli(?) purse etc.
Tips
No tours are needed in Panama City . Take a cab to old town or the free shuttle for the mall.
You need a tour in Costa Rica. They are expensive.
Hope this helps.
Marcia