ermmm?
Sony have bought out newer versions of the PSP in recent times as the bleeding things take forever to load games, the original one (which I had back when it first came out) mimicked the Playstation so much that they ended up giving more ram and poorer quality screens (PSP2000 and PSP3000)
Nintendo are bringing out new a DS model called the DSi which in a nutshell is the same DS with some extras namely the in-built web cam and most likely on-line store for flash games, this is to get the DS market to buy on line more like WI for simple games albeit initial batch will be flash based. As well as the fact that the DS is very easy to get downloaded games to work without firmware updates - the DSi is supposed to prevent download carts from working
The Pandora ....
OK so you may not see commerical games straight away, but you will eventually, look around some of the wikis out there and you will see some work/proposals have started - if the GoodDoctor ever comes clean we may even find out what his game really is called.
You will see arcade quality graphics from the Sony Playstation emulators, not to mention MAME and Final Burn emulators which will I'm sure keep you occupied. In addition to this you will have the MegaDrive/MegaCD/SNES/MasterSystem/MS-DOS/Amiga/Atari ST emulators which are supposed to be quicker and faster than the GP2X counterparts.
Have a look around the dev section and you will see lots of people already assembling stuff for it, the initial stuff may not be as you say commercial quality as the initial stuff for the GP2X was, but give it some time and patience and you will see some good homebrew games comin out.
In the medium term after a year you will find N64 and Dreamcast emulators arriving as they already exist for other systems and no doubt someone will compile a version for the pandora.
You might argue with sticking to the GP2X - but you need to remember that the Pandora will take off an be better supported in the long run.
The Pandora is more a UMPC as it can do a whole heap of stuff well, other than just playng games, and no doubt it will last the tides of time as long as the community write apps for it and support as we all know we will.
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gp32_console + :gp2x and Hopefully Soon A
andora1:
http://gp2xwizandpandora.blogspot.com/