I've not done it by bus (I've driven everytime), but I believe the direct buses are "red eye" express buses, so you'll miss most of the scenery. It's a long ride, 7-8 hrs to Almirante and then from Almirante a water taxi (20 min.) to Isla Colon. The scenery is spectacular, especially when crossing the continental divide from Chiriqui to Bocas. You could also rent a car, or you could take a bus to David, and then take a daytime bus to Bocas. From Panama city all buses go out from the "Gran Terminal de Transporte". You could also fly directly to Isla Colon and return by bus. It's about 600km or 400 miles.
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