I think the Iphone 3gs is wasted potential. You can't use that power for much on the iphone and even if you do get good games working such as Quake 3 after jailbreaking, the controls would suck. Its like the Toshiba TG01 that has a 1ghz chip but is only intended to use this power to make it faster and for 3d effects. I might be wrong with this one but I noticed how some macs a ridiculessly powerful and expsensive but you couldn't really test out its power because barely any games are made for the Mac. What I'm basicly saying is that the Pandora doesn't waste its potential because you can do so much with it. If there was another open source console that came out right now and was better than the Pandora then I might cancel my order but unlike computers there is like a 5 year gap between the production of the gaming consoles.
You can say the same for the PS3, XBox 360 or other consoles. The iPhone is a console just the same.
Personally I would sooner have a phone with commercial and free software that has to be approved, I would sooner that applications have a limited number of APIs.
I want my phone to work, I don't want some hack I install to cause the phone to fail or the battery to discharge. I could miss a call which is very important.
With open projects comes chaos sometimes. I don't mind this on a geek toy like the Pandora, but for things I depend on I prefer to be reliable. Not saying Pandora won't be reliable, just that I could install an application that causes big problems.