The money from the pre-orders will be used to pay for the first production run and determine if there is enough interest to meet the minimum order quantity for the cellular modem chips that they would like to use.
The Pyra will feature a 1.5Ghz DualCore Cortex A15 Arm Cpu, up to 4GB of ram, 32GB of built in flash storage that can be expanded with 2 SDXC cards, a 5 inch 720p touchscreen, 2.4 Ghz / 5Ghz wifi, Bluetooth 4.1, optional 4G LTE and GPS, one USB 3.0 OTG port, 2 full sized USB 2.0 ports, a micro HDMI port, a backlit keyboard, gaming controls, and an estimated 8 hours of battery life (Though that should be greatly improved once power saving features are enabled). The device is roughly the size of an original Game Boy, or 3dsXL.
Full disclosure: I don't work for OpenPandora GmbH. I own two Open Pandora systems, and have pre-ordered a Pyra. I am very happy with how the Open Pandora turned out, and figured there are other people out there who would have an interest in such a device.