First of all you need to install MIC and I personally recommend git master because that has the best support for ARM bootstrap installation on non-official MeeGo .ks files. However any MIC should do that is taken from git master after 10th December 2010 that includes the omap vfat patch. The git master can be installed e.g. with following commands:
git clone git://gitorious.org/meego-developer-tools/image-creator.git
sudo make install
NOTE: You might need to install some additional packages for more information see MeeGo wiki.
After you have installed the MIC image creator you can start creating the actual image. For this you first need to get a .ks file, in this guide .ks file is downloaded from my pandaboard-image-configuration clone that I have modified and tested. This branch does only bring up the xterm for now as it is just a proof that MIC can actually create an image with suitable partitions for pandaboard.
sudo mic-image-creator -a armv7l -c handset-armv7l-panda.ks -f raw --run-mode=1 --pkgmgr=yum
NOTE: it seems that the zypp packagemanager does not support all of the kickstart features yet so the --pkgmgr=yum option is required to be used with my .ks file.
After this the mic-image-creator starts creating the image, which will take a some time depending your computer and network speed. When the process is ready MIC will inform you where the image file can be found, e.g.,
Your new image can be found here:
Next thing is to put the image to the SD card, for this you can use the "Installing rootfs on external MMC card" section of MeeGo N900 installation guide.
Enjoy your new pandaboard image. If you have any problems booting the image let me know.