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Guatemala, Honduras, or Panama??

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I need help deciding on a Latin American destination for May 2009. I am stuck between Guatemala, Honduras, or Panama. I have read a ton of information on Guatemala and Honduras, but I threw Panama into the mix also since I think that could be an interesting place to visit.

The dilemma is that airfares to all 3 places are running the same right now, and that is usually what helps me to narrow down the choices.

We are going to Costa Rica in January 09 and hopefully Peru in September 09, so we are looking to continue that Latin American theme with another trip in May.

We are fairly adventurous and are looking for a great mix of culture, scenery, and outdoor activities (i.e. hiking). We would be looking at approximately 1 week.

For Guatemala, we would probably target Antigua and the Lake Atitlan area. For Honduras, it would likely be Roatan and La Ceiba or Copan. Not sure about Panama - maybe just a long weekend in Panama City.

So, please help! Which would you choose and why?

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