@Jiri: Just tested Pandora with DOSBOX! (parameter: mount F F:\ -t cdrom -label PANDORA1 -usecd 1)
Worked great until the intro sequence. Then it prompeted me to insert disk 1.
I'm quite sure that it's a labeling issue... exactly the same problem accurs if you try to use a NoCD-Utility and set the labels wrong (already played with it A LOT and had exactly the same problems).
I only found one utility so far that was able to emulate the correct CD label on virtual drives without using ISO files (i put a NoCD walkthrough on the UnofficialTexMurphy Website once, so you probably find that issue there somewhere). I achieved this by an utility that reads out the WHOLE CD label spectrum - so not only the label but also other information like copyright flags and so on - and the emulate this label on the virtual CD drive. Then it suddendly worked.
I assume that the labeling process of DOSBox does not 100% read out labeling information saved in the CD-ROMs header. And just putting the -LABEL switch is probably not enough... Pandora is very sensitive there. Even if the information would be read out correctly it's still a problem when CD switching accurs - then you would have to set the LABEL again... except if you emulate 6 different CD drives, each with different labels.
Anyone tried UAKM so far? I guess, the problem should be similiar there, 'cause it's the same engine.