Pandemonium's triggered ability checks the power of the creature when it resolves, not when it triggers. A ruling on Pandemonium says the same thing.
The triggered ability does not check the creature's power until the ability resolves. If the creature is not on the battlefield when the ability resolves, it does damage equal to the power of the creature right before it left the battlefield.
By the time the ability resolves, Muscle Sliver is already on the battlefield, and his power is being modified by his own ability. You may have it deal 2 points of damage.
Still not convinced?
There are cases when a creature's power is checked when an ability triggers and when it resolves. To illustrate this, consider the case where we play Muscle Sliver when we already have an Experiment One on the battlefield. Will Muscle Sliver trigger evolve?
The answer is yes. This is because of rule 611.3c (although it is mentioned in a few places).
611.3c Continuous effects that modify characteristics of permanents do so simultaneously with the permanent entering the battlefield. They don’t wait until the permanent is on the battlefield and then change it. Because such effects apply as the permanent enters the battlefield, they are applied before determining whether the permanent will cause an ability to trigger when it enters the battlefield.