The Pentax "pancake" primes was the primary reason I bought into the Pentax system, which is quite a change for me, since I had given up on using primes in the past because of their inconvenience - more lenses to carry and more work to use. The ability to pocket 2 or 3 primes covering a useful range of focal lengths, along with the already compact, feature-rich K-7 makes it terrific on-the-go/travel/walk-around system.
When I need a zoom due to limited maneuverability or convenience, I'll take my D700 and 24-70 or 17-35 - but that adds more weight. There would be other reasons I'd use the D700 over the K-7, but that's another topic.
I started with the 40mm, then bought into the rest of the set, once I realized its performance fit my needs in terms of usage and output. Needless to say, I was very impressed with the 40mm - it is amazingly small with excellent overall image quality. I just started to compare the DA 70mm to my Nikon 105DC and thus far, they seem quite comparable in terms of image quality. I haven' t used the 15 or 21 very much yet, so can't comment on those. I like the size of the 21 more so than the 15, however. The 15, while still relatively small, isn't what I'd call a true pancake.