In the meantime, here is also something you might be interested in:
From now on, you can grab ready-to-be-flashed ubifs-images there (the current one already includes Hotfix 3) or the rootfs which you can extract on your SD Card and boot from there.
Be aware that these images are FRESHLY BUILT and untested. They might have some bugs.
I will put links to the latest tested images on the Support-Page on the homepage (probably tonight).
The pandora-rootfs.tar.bz2 in the main directory always points to the latest rootfs (which is ideal for testing and reporting bugs).
Inside the images-directory, you can find the ubifs-images that can be used with the flashkit and also older images.
Inside the sources-directory, you can find the sourcecodes used to build the latest image.
For grabbing the recipes which are used by OE to built the image, check out http://git.openpandora.org/
Here is an example of how to install and run the latest rootfs-Image to your SD-Card:
1. Download the pandora-rootfs.tar.bz2
2. Format your SD-Card with EXT2 (not EXT3, etc.)
3. Extract the complete contents of pandora-rootfs.tar.bz2 onto the root of your SD-Card.
4. Create a file either named autoboot.txt (then the system will boot automatically off the SD Card) or boot.txt (then the system will boot off the NAND as default, but you can boot from SD Card by pressing and holding R while switching it on and selecting boot from SD Card).
The content of the autoboot.txt / boot.txt would be:
setenv bootargs debug root=/dev/mmcblk0p1 rw rootdelay=2 console=ttyS0,115200n8 vram=6272K omapfb.vram=0:3000K ext2load mmc 0 0x80300000 /boot/uImage-126.96.36.199-omap1 bootm 0x80300000
Of course, you can change the U-Boot script to your liking (if you know what you're doing).