Oh, I agree with pretty much all you're saying there - though my Pandora runs constantly at 1GHz rather than 600MHz. I can take it up further, but I believe it will drastically shorten the lifespan of the CPU
As for the Canoe... I have one, and to be honest it's a disappointment. It's far slower than the Panda and only has a very low-res screen (part of which is hidden by the case!) and now rests in a drawer gathering dust with my '2X, Wiz and GP32. The development scene is all but dead now, especially since GPH announced that they were discontinuing it.
And of course, the Pandora isn't just an emulation machine - it's a full linux desktop and all that entails, rather than just a games console. Though the price for a handheld games console is quite extortionate, what you get is a very capable PC in handheld form, and for that kind of ability I'd imagine you could pay quite a lot more.