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It surely is outdated. One reason I ordered was that the Pandora would have been the first OMAP3-device.
Well, when I get it, it is the last
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Well, since the first OMAP4 device is yet to be released and will not fit in your pocket, I think you can live with that.
a quick google search shows at least one. LG Optimus 3D phone, with dual core 1Ghz Omap4 and 1GB ram, looks like it will fit in your pocket too. Appears to have been released in March as Engadget had a hands on and listings of it's names at different service providers (called Thrill 4G for AT&T)
However, as a game emulator, video player, music player and have the ability to learn to program on it while seeing games and apps created by those who know how to program, I see nothing wrong with the Pandora's specs even if it isn't the "fastest" anymore. Besides, I don't want a cellphone, so none of these faster machines have any use to me. Would I have liked to have it sooner? Oh yeah, but as long as it gets here and preferably sooner than later, it will be as good for what I wanted it for when I bought it as it will be when I get it.
When I played Scribblenaughts for the first time on a DS, I never thought, "Wow the PSP I used to own was so much faster, I can't use this antiquated machine!" Instead I enjoyed it for what it was. I believe everything has a place, that may or may not be for you, but if it exists, someone wanted it. If not it fails and is replaced by something else. Keep in mind, even the worst consumer products, game systems, foods, etc. Has someone that liked them or at least bought them. If the waiter tells you there's an extra wait for squid, there's no reason to complain about the squid, just cause you decided you'd rather not wait and just have the lobster.