...unless CPU = 550MHz; GPU = 120MHz; Memory = 333MHz.
550 + 120 + 333 = about 1GHz. :D ;)
That might be though, I can't really say why he would've made that comparison if what he said did not apply to the Pandora.
According to ARM it has been tested up to "1100+"MHz", and as their estimate for the GP2X processor was accurate (250MHz) I assume this one is as well.