One of the primary, albeit touristy, things to do is to see how Panama hats are made - they are only made in Ecuador. The less expensive ones are made in factories, but they still make the handmade hats at family factory compounds. The guide will explain the process to you - from the harvesting and boiling of the plants to the dying of the fibers and the weaving where the people put the material on a form which they lean their chests on while they weave the fibers together. One of the weavers is back of the guide in the first picture. This looks very uncomfortable to me.
We did not get a chance to see anything of Montecristi - we just viewed from the bus. Other folks on the cruise who went there gave it a good recommendation and said there was some kind of festival going on.