Long time no post. I have this day job you see...
I received my K-5 yesterday and have not had much chance to shoot, other than a couple of low light shots around the house. What an upgrade from the K200D!
There is an extensive thread on the 1.03 firmware update. I followed the link to the Pentax Japan site and then had a hunch that the update might also be available on the US site. Bingo!
Digital Cameras and Accessories - Official PENTAX Imaging Web Site
Select K-5 and "firmware" to locate the file. I found the US instructions to be much more straightforward than those on the Pentax Japan site. Here is what worked for me:
Download the updater to your computer. (Mine is a Mac.) Expand the file. With a blank, formatted SD/SDHC card in your K-5 and the USB cable connected, you will see a white disk image on your desktop labeled "K-5." Drag and drop the updater BIN file to the K-5 disk image on your desktop; it will copy to the SD card.
Then eject the disk image and disconnect the camera from the computer. Turn off the camera. Then, turn on the K-5 while holding down the "Menu" button. You will be prompted to answer "Yes/No"--say yes to enable the update.
The update takes perhaps 2 minutes. Don't touch anything...Pentax warns that if the camera turns off during the update it will become inoperable and they will charge you for fixing it even if under warranty.
When it says "Complete" it is OK to turn off the camera and eject the SD card. Then check the firmware version by turning on the K-5 while holding down the "Menu" button. If it says 1.03, you are good to go. Reinsert the card and format it again to erase the firmware updater file.
Hope this helps. New signature coming soon!!