Personally I think there should be a P1.5 before the P2. Because, as I see it, the P1 had a lot of set backs.
This created a great community and the pandora hardware should support this community.
All the discussion currently is about a device that would completely fragment the community as it would add yet another group of users: the P2 ones and may leave the P1 users in the cold (software development wise).
Also the development of this device would carry the same risks as the P1 had, although the team has some more experience now.
So I would suggest to keep the P1 alive, just like the 1GHz version, and improve generic parts that can be used by everyone in the community.
Maybe add the multitouch to the 1GHz unit for android support or even a higher resolution screen. Obvious updates like RAM or pin compatible (better) CPU could be considered.
The core idea is to have as much advantage of the current hardware and production as possible.
Also another issue could be the costs. The P1 at 1GHz is quite costly and could cost a lot of potential new community members.
Improving the current device and actually lowering the costs (I know the price is currently artificially high due to the set backs) creating some buffer to realistically build the P2.
As introducing the P2 in the near future will kill the P1 sales for sure leaving the pandora team with unsold units (price drops would sell them though, but that might cost them money if they drop below manufacturing price).
Also the community would benefit from the hardware upgrades, as they can upgrade their own device, keeping the original community active.
I have also seen discussions about a new cpu on the boards, but I thought maybe we can add a extra co-processor to the original board; like the Epiphany-IV.
This co-processor would add about +/-100GFLOPS to the current CPU (OMAP3530=25MFLOPS/3730=36MFLOPS). However it does use a lot more power: 2W compared to 1.1W for the 3530 and 0.6W for 3730. Also, its already late I and might not have the correct numbers ;-)
If you want to check for youself, sources:
http://processors.wiki.ti.com/index.php/OMAP3530_Power_Estimation_Spreadsheet
http://processors.wiki.ti.com/index.php/AM/DM37x_Power_Estimation_Spreadsheet
http://processors.wiki.ti.com/index.php/Android_Comparative_Benchmarks
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