Definately check out John's Pass.
John's Pass Village
If you have a way to travel, go north (14 miles) to my beach (Clearwater Beach) and check out the Pier sunset celebration and Movies on the Beach (Fri and Sat nite).
Sunsets at Pier 60
Either place should have sightseeing cruises, snorkeling and scuba trips, as well as parasailing.
Also, if you have a way to travel, recommend a trip to Fort De Soto (maybe 10 miles south of Mad Bch). It is a very beautiful park and interesting fort.
Ft. De Soto
I haven't lived on Madeira Beach for many years, and the restaurants have changed a lot, so I can't recommend there.
Enjoy! This is beautiful weather for the beach...bring plenty sunscreen...it's hot!