I'm just wondering if anyone had a good estimate of the cost of bottle-service/VIP service in some of the nicer clubs in PC (moods/next/guru clubbing). Also, is this necessary or just a luxury in PC? Cost isn't much of an issue for us relative to just convenience and space to unwind with good people.

How is your spanish...
Getting thos things sorted out is much easier/cheeper if you can talk the talk...
But really not that expensive

Spanish is fluent (via Peruvian friend coming along as well). Is anything gained from table-service....other than grand standing?

Most of the locals do it because they then don't have to go to the bar. Anywhere there's a table in the club there is table service. I don't think prices will be more expensive, you'll just have to tip. I haven't been to those places for ages but a bottle would probably run into the $50? range, maybe more now, depends on where you are. That generally includes at least one jar of mixer. Another one is probably $6-7. You'll find that Panamanians mix their drinks VERY strong so they don't have to pay for more mixers.
Things won't get cheaper because you speak spanish, the waiters can generally sort out that you want a bottle of alcohol and they're usually(usually.....) pretty honest.