Exophase
Nothing good will ever come of Exophase.
The OMAP 3530 powering the Pandora is a 2009 part, so let's describe the Pandora as a 2009-ish design. If Pandora follows this rough trend, they'll pop out a new board in 2014. (Though perhaps the tireless Open Pandora team will surprise us and deliver a year or two early.)
2008 part. It took phones until 2009, but phones take longer to be released. There were in fact 2008 devices with OMAP3 (Archos 5 for instance)
Pandora is not the same as a game console and you can't apply the same release logic to it because the business model is completely different. Craig himself said 2 year cadence like Apple, but no one is taking this very seriously.