what can it do?
Emulation: PSX, Jaguar, N64 most likely at some point with everything below them. Can use DOSBOX as well, the Pandora will perform roughly like a 486 in DOSBOX. I think there's an Amiga emulator working. If not, someone will.
Quake 2 has already been shown running months ago. With hardware acceleration Quake 3 should spin like a top, but that's just my own speculation nothing definite.
Pretty much it can do anything that can be compiled for ARM.
Technically it should be able to emulate the DS due to native support without blinking, but I'm not sure how you handle the dual screens. I reckon you could fit both screens on Pandoras high resolution screen.
And there's a working MAME port.
It has svideo support so I plan on playing a lot of crap on my TV with a usb controller plugged into the Pandora when I'm at home.
Then there's the nifty fact it's a complete computer with WiFi and Bluetooth connectivity, and you don't have to use Angstrom Linux if there's another OS that can be compiled for ARM if you want. It's an open system.
And the screen is the best there is on any hand held gaming console, and no peculiar weird native resolution so old games can fit the screen perfectly. You can play old vertical arcade games on the screen sideways if you are really inclined.
Also, with the exception of the case (maybe the buttons? I dunno ...) being made in China, everything else is made in the USA. The quality should be the best around. This is one particular thing that pissed off the people making the Pandora, crap quality of other comparable hand held units.
Concerning the hardware I expect a good solid product the first time around ... These guys can't really afford to screw that up, at least software can be worked on at a later point. Although, supposedly the early adopters are going to be covered if anything disasterous does occur free of charge minus shipping I guess. On top of the roughly 4 thousand Pandoras being assembled they're ordering extra parts as well for fixing stuff.
Considering all it can do, and I probably left things out $330 isn't such a bad deal. I'm sure there's things that don't even interest me that it could do.
Basically it's a gaming console + computer in one. I don't know if any native games will ever be developed, I don't really care. With just the Amiga library I could probably play a new game every day until I die and not play the same game twice anyway.