http://bugs.winehq.org/show_bug.cgi?id=31878
--- Comment #1 from André H. nerv@dawncrow.de 2012-10-06 12:28:00 CDT --- More relevant part of your config.log:
configure:4161: checking whether gcc supports Thumb configure:4178: result: no configure:4180: error: You need a target with Thumb support to build Wine for ARM.
So either your toolchain doesn't support thumb or more likely the toolchain defaults to the wrong CPU/Architecture so you need to specify it.
So in case of a Pandora you need something like ./configure CFLAGS="-mcpu=cortex-a8" (maybe more than that)