I have gone twice or thrice to panchgani but the only time I actually enjoyed was when I had gone with my colleagues on the company picnic. We had arranged for a bus to mumbai - panchgani - mumbai with sightseeing at mahableshwar. We halted at a hotel in pachgani. The first day, we did panchgani darshan and the second day, we did mahableshwar darshan. It is a really good idea to go in your own car, if possible, or rent a car from your doorstep to panchgani and back, as the locals charge the hell out of you. There are many a good places to see in panchgani as well as mahableshwar. And en route to mahableshwar, you can also go to jam/ squash making factories. Do buy jams/ honey/ squashes/ jelly chocolates and specially strawberries from there. Food is good ... but better stick to vegetarian dishes. The place is a bit crowded sort of with narrow roads and closely constructed buildings.