What will a Pyra be able to do that the OpenPandora can't do now?

Depends on where in the stack you're expecting the DAC. As Eight Bit says, it's got a DAC which is required for audio output, but that's basically tied directly to the audio system so you can't really do much with it other than play audio: if that's all you were hoping for then no problem! Got you covered man.
For more exotic use cases, I suppose you could write some software to directly interface with the audio subsystem, dump your raw digits out as "sound" and plug whatever analog device you need to control into the headphone jack, but that's a lot of work, probably more than it's worth: you can probably just get a USB DAC from somewhere and use that instead.
Incidentally, this is how the Square card readers work, more or less, using the "speaker" to power it and the "microphone" as an ADC to record the card data, but I digress.
The Pyra doesn't even have any analogue outputs (the Pandora only had a handful on the ext connector). I'm not sure what you'd plug into a DAC on a consumer device like the Pyra other than a set of headphones.
Will we get perfect emulation of these systems on pyra

Commodore Amiga A1200, Sharp X68000 and Atari ST?
Will we get perfect emulation of these systems on pyra

Commodore Amiga A1200, Sharp X68000 and Atari ST?
The Pandora is maybe sometime a bit "short" on the CPU side for A1200 emulation, but for Sharp X68000 and AtariST, I would say Pandora is already very good. Pyra will certainly be the same.
I firmly believe the Pyra can be used as a mini workstation even with 4GiB of RAM (it depends on what one defines as workstation though, a lot here might think programming and the Pandora might be just fine). If I'm doing say audio work on it I'd be managing bus sends so as to not overload CPU/memory for example. But there's a lot of useful programs out there at the same time that aren't too demanding. Sample libraries benefit.

No HDMI was a limiting factor when I had the Pandora, however it was Two Months ™ old by the time I had sold off my CRT. No way was that big monster moving with me. Was it just a mirrored display? Can't recall.

Pandora developers gave a lot of love for optimizing that small screen layout, but it's unusable for my purposes.

Does the Pyra support HDMI as a separate monitor, or is it just a larger display size output?
It was in his emulator from the beginning. I'm just having trouble remembering the name of it just now. I tested it out to great effect when trying out MarioKart DS on it, where the map and items came on the pandora screen, and the main gameplay on the TV. IIRC you just used the same key you used to alter how the screens were laid out, and the one that only showed the bottom screen actually shared the other screen on the TV out port.
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