I see some value to it. Although with such a small sensor having lenses that can deliver thin depth of field will be challenging making interchangeable lenses a bit less useful. I'm sure fisheye would be neat if they can manage that considering the sensor size too.
Maybe looks are a bit deceiving, because Pentax always seems to do a good job with ergonomics. Having that dial over the grip looks like it will be easy to change with an index finger.
As for me, if I were in the market for such a camera... the x100's optical viewfinder tops anything and everything and that would most likely be my choice. Fuji is the only one who caters to my ideals at the moment.
Now if we could get interchangeable with an optical viewfinder...