If i must be fair, the only thing that the Pandora can do right, is emulation of consoles up to a PSX + some ported titles. I am pretty sure there must be a custom firmware for the Vita at this point, that will support emulators too. Also the Internet browsing on the Pandora is a pure torture even on the 1Ghz unit due to her hardware limitations (RAM, CPU), and we must not forget that there is a 3G version of the VITA. We do not live in 2009 anymore.
In other hands, even with a custom firmware, the OS of the Vita is still crippled and do not allow you to use it as regular tablet. So it is nothing more then a hand-held console with the feature to use internet browsing flawlessly, + PS4 streaming at some point in the future.
PS, and the Vita is cheaper then the Pandora.