First of all. it is located in the north-east outskirts of Panama City about 15 miles (24 Km) out of town, and it is identified by the
international symbol PTY. Copa Airlines operates the most flights in
and out of Tocumen with connections throughout South America, but KLM, Iberia,
Delta, Air Panama, Avianca and American Airlines all have some service to
Tocumen Airport as well. Seasonal flights from Canada on Air Transat are also
now available.
The airport was last renovated in 2006/2007 with some
major expansions and modernizations, and it now has two runways and an updated
passenger terminal. All the standard services can be found: ATM machines,
several shopping outlets and places to buy a little food if you are waiting for
your flight. Prices are considered high by both every day Panamanian and Americans
standards, particularly the food, lthough less compared to many major US airports like LAX, O'Hara or others. Prices are mostly listed in the Balboa, but the shops do take US dollars.
High-end shops like La Riviera, Lascoste
and Tommy Hilfiger will give you interesting places to browse while you're
killing time on your layover. Some of the shops seem a little impractical for most Americans at an airport, such as one store selling large electronics. But a lot of South Americans pass through here, and they are going back home where electronics are harder to get and much more expensive. In any case, browsing does help
the time pass when you have a longer layover. There are also duty-free options if you prefer to shop for some
luxury items without the added taxes. 
The big tip I'll throw out is how to find the food. At Tocumen the food court areas are all on the 2nd
floor, which may not be that clear if you don't know to look. There are signs, but they are all a bit small. Many people
complain that there is no food, when in fact there is an entire floor of it
that they've missed.
Even with the expansions, the terminals are
a little small. During busy times, it can get pretty crowded and you'll find
long lines at food services and other shops. The waiting areas at the gates tend to the small side too and one big problem both Lisa and I noticed were flights from Panama City to the US require extra security screenings. The Panamanian security staff do these extra screenings at the gate waiting area. First they clear out the whole area, then set up a security checkpoint. Passengers can go back into the area after they and their baggage have gone through the extra screening. So if you are heading back to the States and have a few hours to wait, don't get too comfortable at the gate. Most likely you will have to move you and all of yours out for screening as the time for boarding approaches.
Another downside to the Tocumen
Airport is the lack of smoking areas. Those who have to have a smoke after being on a plane for 8 hours. You actually have to go through
immigration and customs to get off the premises to smoke. Then go through both
areas again to return. Not an ideal arrangement to put it mildly. 
Some of the staff speak a little English
but you would do better if you spoke enough Spanish to do some basic communication. Additional
perks like free wireless Internet are a nice touch as well. 
If you are going to be spending any time in
Panama, because of a longer layover or simply because that's your destination,
you will need either a taxi or a shuttle bus to get to the rest of the city.
There really aren't any public bus options. 
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