El Cangrejo is Panama City's swankiest neighborhood, home to posh hotels, upscale restaurants, and casinos galore. While there are a few hostels in the area, it's generally not a place for budget travelers. There are plenty of high-priced souvenir and luxury shops around. In terms of attractions however, there's not that much in the area other than Iglesia Carmen.
Michael Karanicolas is awesome.