@mingle:
As far as I know, I'm the only person on this forum who owns both an A1 and a Pegasos, so I think I can speak without much bias.
I have no bias to either of these systems and don't really care if it has an Amiga badge, or not. I want a decent, stable hardware platform that can run an 'Amiga-like' OS, along with Linux and maybe even OS X.
I'm much like you. At the moment the pegasos is the only one of the two that runs an amiga-like OS. I have to say Morphos is *very* amiga like. The A1 runs linux and PPCUAE, both of which I found extremely frustrating to use, although I was just getting the hang of linux when the pegasos arrived.
I wanted an amiga-like OS too.
The pegasos is now my main machine, the A1 mobo is in a cardboard box awaiting OS4.
If you want something now and can source a pegasos, I'd say go for it.
On the other hand, if you can't find one, or are prepared to wait awhile, I'd say wait till either Peg 2 or OS4 is available. try a comparison then, if you can.
I'm really looking forward to the release of OS4 and it may be that the A1 will then replace the pegasos as my main machine but, at the moment, there really is no contest.
Hope this helps a little. :-)