Panama City in 2015 - Economy or Business?

Last week I posted about our travel plans for next year.  We are strongly considering heading to Panama City for my birthday in March.  We've always wanted to go and the fact that United flies direct from Denver maximizes our time on the ground.  Award availability on the route is scarce so our plan is to pay cash for the tickets.

Looking at flights for the weekend we want to go, they're actually pretty pricey.  Economy tickets (roundtrip) are going for $951.

But business class tickets (United domestic first) are only $200 more.

The business class tickets book into United "P" class which earns a 50% bonus over economy on both award miles and PQMs.

So while I certainly don't "need" the meals, drinks, and bigger seat that come with United business...$200 is a pretty small premium to pay to be a bit more comfortable during 12 total hours of flying.

The flight is 2,630 miles each way.  So as a United Gold, I'd earn 7,890 award miles.  The "P" class fare would give me an incremental 3,945 United miles which I value at about $80.  Even discounting the extra PQMs, is flying upfront worth $120 each?  The flight is expensive so I don't think it's that good of a deal but certainly interesting that the flight is only pricing $100 more upfront each way.