Yo Jake.
The thread is destined for flames/moving/locking, which you probably know, but I'll stick my oar in anyway. I tend to hate these Pandora/netbook comparison things but I'm drinking beer and I feel like crapping on.
I'll crap on about the EeePC, and I'll start with the EeePC 701 (the first one to come out, called the Surf in some places I think). You can still get one for $300AUD. 7" screen, same resolution as Pandora. Performance is comparable to the (unoptimised) Angstrom on Pandora vids we've seen. No Bluetooth. Hardly any storage, but has an SD slot.
I reformatted one and put a lite version of XP on it, and it performed much better than the stock Xandros. Nubie once posted that a properly tweaked 701 with XP and RAM upgrade (stock is 512) can handle N64 emulation (how well, I don't know).
If the 701 sounds a bit bland (it is), you can move up the Eee range. You'll get a bigger, faster device, bigger screen, higher resolution, and you'll start paying hundreds more. The last one that came out here was $999. Heh. At that price, it's no longer a netbook, it's just an underspecced laptop.
The netbook obviously has a keyboard advantage. For proper touch typing on a Pandora, you might have to use a compact USB/Bluetooth keyboard. Then again, for gaming on a netbook, you're going to need a separate USB game pad. You might say that these two mild inconveniences cancel each other out. Mathematically speaking.
Then there's battery life. Most netbooks are terrible in this area. None come near Pandora.
So looking at EeePCs in the same price range as Pandora, what's the one big advantage? Screen size. If you have eyesight problems, a netbook may suit you better. But if your eyes are good, you should have no trouble seeing the light here.