You guys are viewing on color calibrated monitors, right?
To my eyes (on a calibrated HP ZR24 IPS monitor), the K20D looks more saturated, but also the white on the K20D shirt is actually white. The K5 shirt is slightly yellowish. Do you have AWB on? And is the shirt actually pure white or yellowish? (also gets confusing because if you look at it under an incandescent source or warm fluorescent, it'll look yellowish)
Colors are complicated....
Most sensors have problems w/ the red channel, including the Sony sensor on the K10D...