That's pretty much it. If you get the chance, there is some really great deep sea fishing out of Destin - charters are easy to find.
I find the food in Destin to be mediocre - but we live in New Orleans, after all. I'd rather spend the day on the beach and then grill burgers, cook in the condo or get pizza or something casual. The food scene in Destin has improved over the last decade, but it's not a dining destination.