The Blue Angels Airshow happens on Pensacola Beach, same day as the reunion. If you want to do both, you have to get to Pensacola Beach VERY early or else there is no where to park and many people end up stuck in traffic with the Blues flying overhead. They *usually* do a practice airshow the day prior, but they're only showing one day on their official website. The best bet is to stay until Tuesday, July 15th, when they will have a practice airshow aboard NAS Pensacola with close-up seating right behind the museum. It's actually the best way to watch the Blues in my opinion.
The National Museum of Naval Aviation is located aboard NAS Pensacola. It is open to everyone; if you do not have a miltary ID card, you will be issued a day pass. The museum is one of the top ten attractions in the State of Florida.
The Pensacola Lighthouse and Fort Barrancas are located with 1/2 mile of the museum aboard NAS Pensacola. Visitors are allowed to climb the 177 steps to the top of the lighthouse and walk around the outside. It is a spectacular view of the bay and Gulf of Mexico.
Two hours west of Pensacola is Biloxi, Mississippi. Several Vegas-style casinos are there including The Beau Rivage, Hard Rock Casino, and many others. If you go, tell them I want my money back HAHAHAHA!
Nearby golf courses include A.C. Read Golf Course aboard NAS Pensacola and Lost Key Golf Course on Perdido Key.
Pensacola Beach is an awesome tourist destination with white sand beaches, bars, shops, etc. If you want a more family oriented beach or a non-crowded beach I highly recommend Johnson Beach, which is actually closer to the reunion site. This is a federal park and there is a small admission fee, but it is well worth a few bucks. Johnson Beach has the same white sand but without the bars, shops, tourists, traffic, or crowds.