I don't have any problem with people who buy just to sell. The fact is, there's a market for that. And there are people who will see something like the Pandora on ebay that wouldn't see it anywhere else. And the vast majority of people who don't follow/troll the forums here or at GP32X, don't have any clue how much a system like the Pandora does/should cost.
That said, I'm not in a position to take that kind of risk, so I won't be one of your ebay speculators.
Also, I think the ebayers would have gotten far more for their first batch Pandoras 2 or 3 years ago, back before the world economy died, before the netbook craze killed the price of all electronics, back before the iPhone became a gaming platform, before the DSi, before the Wiz, before the Dingoo, before MIDs ($75 ~ $300) replaced UMPCs ($1000+), etc.
Now, the profit margins for ebayers will be pretty slim. I doubt they'll get more than 10% ROI - if they are lucky. Selling a Pandora for $400 or more will be difficult. Unless they are outside of the EU and market it towards people who have to pay a VAT. Then, they might undercut the official price, and still make a profit. Shipping might be a money drain, but we'll see.