I've spend alot of time up there testing for work... most of my time was spend out on the ranges in a test van, but you sometimes get a nice airshow (was out there one night when an AC-130 was practicing - that was awesome!). Ft. Walton is a pretty boring place but the beaches are nice, redneck riveria and all...
Hopefully they set you up in a beachfront hotel, last time I was up there this summer we were in the Radisson beach resort and I lucked out with a newly redone room on the 7th floor that had a floor-to-ceiling view of the gulf - it was awesome!