oneiron339 – can’t help you out with the immediate Ft. Walton Beach area but just east of there is Destin and Sandestin. I have been there many times and a few of my favorites are;

Busters, for seafood, can’t beat the oysters at happy hour and the steamed bucket is pretty good.
http://www.doitgulfcoast.com/destin/busters/busters.htm

June’s Dunes (for breakfast, queue up,walk through, order, seat yourself)
Louisana Lagniappe
Hogs Breath Saloon (I think there’s one in FWB also)
McAlister’s Gourmet Deli (pretty good mufaletta and pastrami)
McGuire’s Irish Pub of Destin (unpredictably good sausage plate)
http://www.seascapedestin.com/restaurants.html

A little further east is Grayton Beach which is home of the Red Bar. This is the best late night hangout but often much too crowded.
http://www.graytonbeach.com/redbar.html

Oh yeah, there’s a whole lotta nice golf courses in the area too!