Originally posted by northcoastgreg I agree with this. Pentax, with it's small user-base, does not enjoy large enough economies of scale to make a value FF that can compete with Nikon/Canon. A Pentax FF, to be economically viable, has to be a high-end prestige product. Nor can Pentax afford to provide as many FF lenses as Nikon and Canon. A DFA 24 and 135 would be enough to fill out their prime line-up, and four high quality zooms to fill wide angle, standard, tele, and a ~24-120 and that's about as much as could be reasonably hoped for.
So, that's not necessarily a bad thing, from an enthusiast perspective at least. I'd much rather have a smaller set of excellent lenses, than a large (& confusing) selection of overlapping stuff.
I am not really sure that going FF would be for me, but....assume it was. I've got the FA Ltd's, which would be perfect, I thing. What I'd want more would be one or two longer lenses, say something about 135mm and 200mm (and, I'd be happy for those to be Ltd. and going at a premium), and a good wide (or a FF version of the 10-17mm would do). Throw in an updated 24-90, and I think that it'd be a range.
I know that I am just one datapoint here, but that would be, what, 4 new lenses that Pentax would need to develop (of which, was I to go FF, I'd end up buying 3 to be happy). 4 new lenses which could, likely, be based off existing designs from the various K-series, and just refined.
Thus, the differentiating factor would be "affordable high-end only", or something. Luxury sells, exclusivity sells - even if it's only "perceived exclusivity" (cf. Nespresso).