Originally posted by vizjerei It is just a L lens...
And that's exactly why it isn't faster than 2.4!
Not just for cost-cutting reasons alone, but because starting at f2 or f1.8 the focal plane would be so shallow that "entry-level upgraders" would be returning the lenses when "every shot is out of focus and soft." Let's be honest here - I doubt even Safox IX will nail the eyelashes on a moving child every time at f1.8!
This is a lens for the newbies and casual shooters to "add to their kit," which also gets them into the prime lens territory that Pentax has well-covered. This is not meant to replace the FA31 or even DA35 Ltd, but rather to cost little, give a little bokeh to the kit-lens crowd, and get the 18-55 off the K-mount for a bit.
Plus, I totally expect B&H to sell it for $160 by the holidays...
(addendum: my DA70 is f2.4 max, and that's no slouch on my K-x or K20D!)