My friend in Dallas that bought the K5 for his vacation in Europe because of its size, but shoots Nikon, with two D700s and a D3x has said he could operate his business easily with the K5 and some excellent glass, and I think he was very serious in his evaluation. Of course, he is heavily invested in Nikon, and he did mention the superior Nikon flash system.......
For me the MP are great for cropping, but 16mp is certainly enough....even down to 10mp would suit me if it meant more DR and less noise. I don't need video or a tilt screen....but I guess they are here to stay? That is what I like about the D700, it is a camera made for photographers, not for those upgrading from point and shoot cameras.
I'm pretty happy with the K5, it has more than I need, not less.
Regards!