Thanks to all for advice given. Here is a short trip report:
1. First of all we stayed at Grand Panama (unit 1607). This was the best condo we have ever rented and I encourage you to book it. The best part was the incredibly huge covered patio/deck overlooking the ocean (I'm guessing 15x20 at it's widest point, maybe 10x20 at it's narrowest). Even though it was in the 90's every day, our patio was always cool, and although it did not rain, this would have been great if it had rained. The condo was well appointed with dishes/pots/pans and appliances that we needed (unlike many condos that we have rented). The bed in the master bedroom is to die for; it has what I guess is one of those foam mattresses that just envelopes your body (looked for a label, didn't have one). And unlike many properties we researched, there were no hidden fees or exorbitant extra fees on top of the rental price.
2. Don't shop at Publix, the prices were incredibly rediculous (bacon $8-12.00/pound for example), Walmart was a better value.
3. Our favorite restaurants: Dee's was incredible. A good value, and food arrived almost as fast as Chickfila. We also liked Andy's Flour power and Thomas's Donuts for breakfast. Andy actually came to our table and thanked us for visiting, and his food was incredible. We also loved Moe's BBQ; it was a good break from seafood, nice portions, and great taste (and cheap compared to other meals). I never thought I would recommend a BBQ restaurant at a beach destination, but now I have. Unfortunately, Captain Anderson's was a big let-down. Over 20 years ago, it was one of the best meals we had ever eaten, but now it just does not measure up for the price.
4. August was a good time to visit, it was almost a ghost-town; no crowds, no traffic.
5. It may be my nostalgic rose colored glasses that I was wearing, but the beach/ocean has changed (or at least in the section of beach we stayed at -- half way between Thomas drive and Pier Park). There was no high or low tide. There used to be good waves about 100 yards off the beach and then a second set of waves crashing at the edge of the beach -- not so anymore. There was also not any seashells whatsoever. The sand on the beach is very deep; it was like walking in deep snow. With that being said, you still can't beat the emerald water and the sugar white sand of PCB.