We recently have had some restaurants close down and new ones open up in the Coronado, Panama area, so I feel it's useful to add an update as some of the places mentioned in previous answers are no longer with us.
There are plenty of options in the area offering different price points and different cuisine. It's easy to find something for everyone. There are less breakfast options than lunch and dinner, however, Picasso cafe offers a great breakfast for around $10. Machetazo (a 3 story grocery and department store) has a breakfast buffet for around $5 (depending on how many items you choose). 507 cafe right before San Fernando Clinic as you enter into Coronado does a nice breakfast as well for around $10. For lunch, there are economical options for under $10. Candela's Corner just opened across from the Rey as well as Tonito's in the Super 99 Shopping Plaza.
My personal favorite is Nazca 21. They are located in the Machetazo shopping centre and serve Peruvian cuisine. You can enjoy their executive lunches for $8.95 per person with several options to choose from and a soft drink or tea included. Their full menu is extensive and is a great option for a nice evening dining experience as well.
In the Do It Center Plaza, there is a great Italian restaurant, Vieni Qua, serving excellent pizzas, pastas and salads at fair prices. For a more special occasion restaurant, Lunarossa inside of the Coronado gates serves homemade Italian cuisine, more pricey than most other restaurants in the area, however, fresh and delicious. One of our newest additions pure beachfront is Tiki Bar in Gorgona at the Bahia Condo project. They have excellent food and cocktails along with karaoke and live music on the weekends. I'm sure I'm leaving a few places out, however, rest assured you will find plenty of dining options in the area!