While you may be able to find a slightly cheaper way to get down to Colombia, this is the most convenient and comfortable way if you don't have the $600 in pocket change to sail around the San Blas Islands (highly recommended if you can afford it). The price of my ticket was $104 dollars including taxes. Important: You have to purchase the ticket in Panama City, not in Colon. They are a new service and have a small office in the heart of PC, across from the multicentro (just ask a cab driver, they'll know where the multicentro is).
Why is it so Cheap?
As I mentioned above, this is a relatively new service, starting only a month or two before I took my voyage. They are really trying to promote the ferry as an affordable way to travel to South America because flights and sailing can cost $600 or more. However because it is cheap you lose out on a few things...one is the authentic experience of sailing through the tropical paradise that is the San Blas. Secondly you will pay slightly more (~$8-$12 a meal) than you have on food (compared to prices on land). You are not allowed to bring onto the boat (I snuck some snacks on but probably shouldn't have). Lastly, unless you pay the extra $50 for a cabin (bedroom) during the voyage, you'll be stuck sleeping on the floor, or in a chair. Overall, that wasn't much to give up for the savings, and I had a blast!
The journey was amazing! I was really lucky to be accompanied by some great friends while on-board the vessel. We shared a few meals together and explored the ship. I convinced one of my friends who was more fluent in Spanish to ask a deckhand if we could come up and see the wheelhouse at 2am (he told us to try in the morning). There was a casino, bar (with live music), duty free store, a few restaurants and an abundance of breath-taking open ocean views! I strangely feel at home on the ocean and if you're anything like me I know you'll enjoy this trip (make sure to have a few friends, it's 16 hours)!