I am also personally slightly in favor of Meta-only, 2-labels-per-key.
It looks more as if it was
meant to be like that, instead of having something that tries to imitate a full keyboard but just lacks keys. E.g. the pattern { } \ | / [ ] looks rather pleasing to me, and the - + = with / * ( ) nearby too. Also, | (or) below & (and), / (division) below * (multiplication), and the punctuation symbols ? : ; , . in a nice arc around space (these symbols are almost always followed by space, so you get some nice button-mash combos there). It looks
clean.
Of course you can reverse that argument and say that the layout with Shift+Meta is closer to a standard full keyboard. That's mostly only true w.r.t. the symbol shift-symbol pairings, not really w.r.t. the symbol locations: in both of these proposals, the symbols are
roughly near their 'normal' position, but not
at their normal position (we would need at least two more keys on every row for that) or even
at a consistent offset from their normal position (e.g. all on the correct row and 3 positions more to the left than normal).
So given that a full keyboard layout is impossible anyway (not enough keys), it makes sense to follow US-QWERTY for the keys we have (letters, numbers, two or three punctuation symbols), while
doing something that makes more sense for the 'missing' keys. In particular, -_ and =+ are weird pairs in US-QWERTY, making - = primary symbols and _+ shift symbols. Having + and - on the same level makes much more sense, and underscore doesn't really belong there at all: underscore is not used in arithmetic, unlike * ( ) - = +. Also three out of four basic arithmetic operators * - + are on that top row, while division / is quite far away. Minus and division are primary symbols (of course that's because they are also dash and slash), while the more important plus and multiplication are shift symbols. And so on.
We just have to make sure that DOSBox etc are properly ported/configured such that if you press ':' on the Pyra, then it produces a ':' in the emulated DOS. This can be done.