My issue with the DA*20-40 is it's position in the lens line up. I always think, cover everything with zooms fill in with primes in your most popular shooting FL. If you buy the 20-40, what other zooms could go with it.
For Example in DA*s you have the 16-50 and 50-135, so you have 16-135 covered without duplication. If you start with the 20-40, what is your second zoom?
Start with the 18-135 and you can have a pretty complete kit adding either the DA* 60-250, Tamron 70-200, or DA 55-300 to it. At that point you're pretty much done with zooms and can go on to primes.
The one place the 20-40 is going to excel over the 18-135 is indoors. It's little bit faster. But if that's what you're looking for, the Tamron 17-50 or Pentax 16-50 are both ƒ2.8 constant. Why wouldn't you go that way?
That being said... if you shoot wide angle the lens does have it's advantages.
HD Pentax-DA 20-40mm F2.8-4 Limited DC WR Reviews - DA Zoom Lenses - Pentax Lens Reviews & Lens Database
I usually read what everyone else says and ask myself the question "Are these guys the same type of shooter I am?" The fact that this lens wouldn't suit me doesn't mean it doesn't suit anybody. If my logic is foreign to you, you might like it.