There's quite a bit to do in David. It all depends on what one likes. There are a few Casinos in the city that you can visit, the two most popular ones are Royal Casino, and the Fiesta Casino Fiesta is in the Hotel Gran Nacional. There's a few nightclubs to go to, $3 cover, no dress code, $20 for bottle service Carta Vieja Rum, which is what most people get here. It also depends on what time of year you visit. There's different types of festivals throughout the year, but the best ones are in the beginning of the year, timed with the Carnavales in different parts of the country.
There's plenty of adventure sport and naturalist activities for those so inclined within an hour's drive all over the Province of Chiriqui.
A pleasant day trip from David is to the Los Pozos de Caldera hot springs. These are very undeveloped but in a way this just makes you feel you've strayed from the beaten track a little. To get there, take a Caldera-bound bus from the David bus terminal USD2 and tell the driver you want to go to the springs. About an hour later, you will be dropped off at a junction where you can walk 2.5km down a paved but bumpy road to the spring entrance, crossing an unusual mini-suspension bridge on the way. From the "Bienvenidos a Los Pozos" sign, walk along the trail as indicated this can be a little rough, so wear sensible shoes and expect a little mud in the rainy season until you come to a "private property" sign with a small house beyond. At this point you can pay the owners USD2 and pass on to the small but pleasantly warm pools beyond. Take care not to leave too late as buses back to David get thin on the ground later in the day. If you do run into problems, you can ask the small restaurant near the junction to call you a taxi, which will cost about USD20.