Milo is the boot loader used to boot the little endian MIPS systems with ARC firmware, currently the Jazz family and the SNI RM 200. While Milo uses the same name and has a similar purpose to the Alpha version of Milo, these two Milos have nothing else in common. They were developed by different people, don't share any code, and work on different hardware platforms. The fact that both have the same name is just a kind of historic ``accident''.
Plans are to remove the need for Milo in the near future.
The building procedure of Milo is described, in detail, in the README files in the Milo package. Since Milo has some dependencies to kernel header files which have changed over time, Milo often cannot be built easily. However, the Milo distribution includes binaries for both Milo and Pandora.
Pandora is a simple debugger which was primarily developed in order to analyze undocumented systems. Pandora includes a disassembler, memory dump functions, and more. If you only want to use Linux, then there is no need to install Pandora, despite its small size.