ya know, this really isn't that horrible of an idea, the panda is open so obviously you can put whatever os on it you want. I for one would love to have the option to run the iphone os, it's very polished, fast and user friendly. Takes everything I like about the ipod/iphone, and then gives it controls other than the touch screen, which imo was it's one and only downfall. If it is possible to port osx to an intel & amd based non apple pc, i'm sure with very similar hardware that the iphone os could be ported to pandora. As far as the reaction from apple will probably be as weak as the hackntosh, and hell if you're buying apps from their app store with it... they might not totally hate the idea as they get a fairly large chunk of each lisence sold from there.
I've seen physical attachments for the ipod that use buttons for gaming and music and whatnot so I'm pretty sure getting the keyboard and d-pads and junk to work won't be impossible. The video and wifi and whatnot might be another story. Seeing how alot of the hackintosh projects for laptops seem to have at least some of these issues that haven't been worked out (certain wifi adapters) as of yet, i can see where some speed bumps might come in.
I'm going to list some pros and cons that I see
+polished fast os
+app store
+itunes integration
+large community of programmers already in place
+official SDK with api's and all that jazz already
+working polished emulators (snes works wonderfully already)
+working polished 3d games besides quake
+iphone os is teh smex
-the irony of jail breaking an open device
-will split community a bit instead of everyone working just on linux
-iphone os wants to use portrait by default and some apps don't have landscape mode (losing that polished feel)
-hardware & drivers might be a (huge) challenge
-go against everything OP stands for (being open source)
-apple fails
edit: forgot they made an amd version of the hackntosh as well futher supporting the ability that it could be ported
what's the advantage of running the iphone's os? wasting all the time and effort ED and crew put into angstrom? (i'm not saying don't use ubuntu or something, just don't downgrade). we don't need an app store, and most of them aren't worthwhile getting. working polished emulators? those were made by the same people on this forum. working polished 3d games? sorry, but most of the 3d games on the iphone aren't worth getting too. iphone OS is not "teh smex". really, it's just a bunch of eye candy.
EDIT: palm pre owns iphone.