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Perhaps I'm wrong and it's a case of "beauty is in the eyes of the beholder."
It IS a beautiful looking lens, one of the best looking in all of Pentax lens line up. Whether it is worth all that money is another story ? I will be taking a chance on this lens myself, but it wont be until next year. As far as reviews, you are right they do seem to go up and down. For example DXo rates this lens pretty low, but what lens in Pentax line up doesn't measure up according to DXo.
On the other hand, ePhotozine rates this lens slightly above average in performance:
HD Pentax-DA 20-40mm f/2.8-4 Limited DC WR Lens Review This lens really seems to shine between 5.6 and f11 where getting good Bokeh is nearly impossible. That too can get aggravating very fast. I have the 16-45mm which is a pretty good lens in itself, however I am often disappointed by the sharp-to-sharp images from foreground to background. The primes do a much better job when it comes to this.
There was also a very good Review by one of our Pentaxians recently that pitted this lens against the famous Pentax 31mm f1.8 Limited and the not so famous but very good Sigma 18-35mm
f1.8. According to this Review, the 20-40 not only held it's own, but beat out the competition in several categories.
If I was to purchase this lens I would definitely purchase it from a reputable dealer that allows you to return it in case you get a bad copy. Another good thing this lens got going for it is that it can replace the 21mm f3.2, the 31mm f1.8 and maybe even the 43mm. I'm not saying it would replace the performance of these lenses, but if you want to travel light that is one lens instead of 3. Just imagine the ooh's and aah's you will get when people see this Leica-like precise instrument on your camera !
Speaking for myself I already own the 16-45 and the 35mm Macro, plus I plan to get the second 'Amigo' the 31mm
one day, so purchasing the 20-40 is really pushing it when it comes to overlap. Especially if it doesn't take better pictures than those lenses and you got a $1000 hole in your pocket ! However, for the reasons mentioned such as beauty, convenience, plus WR thrown in there, I would say it is worth it. I love primes, but at my age it is not easy getting out of the car and walking around subjects looking for the right angle. This is when a zoom comes in handy. Of course there are more convenient zooms like 16-50mm f 2.8 and the 50-135 f2.8 , but these are
large and bulky not the direction I wanted to take when it comes to Pentax lenses.