Have a Pandora myself, excellent little machine.
It would have likely been out a lot sooner but there was a financial crash in 2009 (you may have heard something about it) which caused a fair number of delays/problems. Also Paypal decided to mess OpenPandora about to a massive extent, even refunding everyone and blocking purchases at one point!
As if that wasn't enough, the first PCB manufacturer proved to be completely incompetent, shipping faulty boards, at one time bent boards and failing to replace them, give the money back or in fact do anything to put right their screwup, it was when ED moved production to Germany things started running much more smoothly.
It was never supposed to be only a gaming platform, it is a full linux system which fits in your pocket (it can also run other operating systems from SD card, RISC OS for one)
The UK operation suffered from being operated by a liar and a thief, this was unforeseeable. (incidentally, the same person (Craig) has run off with all the icontrolpad 2 Kickstarter money as well it seems after using other peoples money to buy himself 3d printers and so on.)
Yes, the spec isn't as impressive as it was when announced but it's still a useful system.
Incidentally, the Pandora's successor (The Dragonbox Pyra) is in development now and has a far better spec. Also a Craig free system (Yay!), you can read some information about that at http://www.pyra-handheld.com/ if you're interested.