The assertion that someone at Mojang is currently assigned to the iOS port of Minecraft, given Apple's constraints on the language used to create an app, seems to imply a rewrite to Objective C. Or is Java officially OK on iOS ?
Then they confirmed that there also was going to be an Android version (easier there, since Java is the preferred language of android apps), which seemed to imply that an OpenGL ES version was doable (Android only supports ES, like the Pandora).
However, there is still the horsepower problem, as Minecraft is already sometimes slow on middle-end desktop PCs, that have many times more processing power than handhelds. Maybe there is a magical 'non-beta' mode to be activated someday that will dramatically lower the needed resources (by removing logs, or sanity checks, whatever), but I wouldn't count on it.
Really curious about the performance we can have on handhelds if they really try to. Playing Minecraft with Pandora controls would really be great.
Btw, for me too, Notch's review of the Pandora was what renewed my interest in the device, which I had heard about two years ago and didn't think about since, even if he didn't seem to be over enthusiastic. By the sound of it and the fact that he didn't mention it once since, I really thought his Pandora was gathering dust somewhere.