There's not much to do here other than amble around the little village and snap photos. When you arrive, head left from the pier into the village -- the streets are hilly so you'll do a lot of walking up and down. At the town center is Iglesia San Pedro, the second-oldest Spanish colonial church in the Western Hemisphere; it's rarely open, however, so you'll probably have to make do admiring the facade. In the plaza, locals meet to chat and play games. If you're okay with walking, continue southeast toward Cerro de las Cruces, and continue up a moderate path to a lookout point that offers a sweeping view of the sea and other islands in the area. The west side of the island is the Taboga Wildlife Refuge that protects nesting brown pelicans, but it's mostly off-limits.
Beaches here aren't secluded and can get a little busy on weekends, but they offer soft sand and blue water. The best beach here is Playa Restinga, in front of the old Hotel Taboga (closed), going past the pier after the end of town. Like all beaches on the island, this beach is free; the hotels mentioned here will either rent snorkel gear or put you in touch with someone who does. Playa Honda is the beach that fronts the village.
Note: This information was accurate when it was published, but can change without notice. Please be sure to confirm all rates and details directly with the companies in question before planning your trip.