Yup, don't wait for the Pandora 2 ^^.
The model 1 is pretty good and not outdated, as you can overclock the unit, sometimes to 1.1GHz.
You have almost all emulators you can dream of, you have complete hardware (wifi, bluetooth, pads, analog pads, touchscreen, a freaking awesome soundcard etc.).
And the OS is not locked, you're free to do whatever you want.