I have family in Pensacola and go there multiple times a year.
As for attractions there isnt too much. There is the air naval museum and if they re-opened Ft. Pickens (closed since hurricane Ivan) its nice to spend a day there.
My secret place would be Gulf Islands Natl SeaShore in Gulf Breeze. Coming from the beach, you cross the bridge over the sound and take a right onto HWY 98. About 1-2 miles down the road you will see it. It is a beautiful little place beach on the sound. The water is usually crystal clear and all kind of sea life can be found on the grass flats. Good fishing too.
If you want to know about fishing, let me know cause I know some good spots. In fact I will be down in two weeks to get in on the pompano run!
Another place worth checking out besides Pcola is Cape San Blas, its about an hour east of Panama City.\. It is a BEAUTIFUL place. Only go there if you love the outdoors as there isnt much to do besides fish and enjoy the wildlife.
Oh and another thing...there are TONS of sharks in Pensacola. We have a boat down there and if you have seen what Ive seen, you wouldnt swim in the Gulf...I sure dont! Right now (happens every spring) the Mako sharks are running the beaches. One has been spotted over 12 feet long!