More to point .. what do you need an emu for? Perhaps your needs are better served another way?
ie: There are some legit cases for an emu of course, especially when going to low level stuff.
But most people can just develop natively or on a similar platform (any old Linux distro, since Pandora is so close to a full computer), and then port the bits at the end.. ie: design in mind for, but build on another platform. ie: SDL or the like will be fine. Or GTK, or QT, etc. Or just write native /dev/fb apps, or X11, or whatever turns your crank. Use a mouse to approximate touchscreen and you can support same joysticks the same way pandora does (more or less), and so on.
jeff
Mostly for evaluating if I want to buy one. One criteria is the usability for my GF, seeing I don't want to be 24/7 tech support to her so want to make sure its good enough.