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I feel the Arduino is little overhyped. It isn't too hard to build your own PIC or AVR programmer on a veroboard and start hacking. I find the BeagleBoard to be a lot more promising/interesting given the amount of raw processing power you get on a tiny 3"x3" board.
"It isn't too hard to build your own PIC or AVR programmer on a veroboard and start hacking. " Actually, it is. People who are 'starting hacking' dont know how to hack, so they dont clock, power or wire their chips correctly. They don't have a scope so its impossible to debug, especially when there are multiple unknowns (power, clock, wiring, programmer, progammer driver, programming software, compiler, code) "I find…
But back when I started, I was just a cash strapped high school kid who happend to find a couple of PIC16F84s. And I had lots of fun building a simple parallel port programmer and playing with them.
My next pet project involves a beagle board and 4 AT2313s driving 4 brushless motors. Just waiting for my beagle board. The beagle board does have a couple of GPIOs and 3 PWMs, so blinking an led or driving a servo should be possible :)