Based on the many angry responses from the poorly timed April Fools joke regarding a new K-3, further fueled by a shrewd price hike on their lenses, I would say you are among a vocal majority of Pentax users wondering if staying with the brand is worth it. Whether the long-term makes sense, Pentax has a way of making people wait and wait and wait only to be surprised with what's revealed. And usually, it's something underwhelming. Even the excellent K-5 started out with an uncomfortably high price, accompanied with major quality control issues involving sensor spots, mirror freeze, and a few other rather serious inconveniences.
Thankfully, Pentax has seemingly fixed the K-5's major issues (mine has worked flawlessly), made the price point an excellent bang for buck, only to introduce us with a rather rude price increase on most lenses, an ugly mirrorless camera that gives me no incentive as to why I would go with an EVIL, which is for great image quality in a very compact design, and a cool looking Q that costs more than some of the Micro 4/3 models that have access to better lenses and yield better image quality.
Whether people shoot professionally with Pentax or not, many consumers want to feel they are shooting a viable brand that can rival the very best. They've achieved that with their K-5, but now there's a big trend towards full-frame, and, as you've asked, what's Pentax waiting for?
Some will argue logically that most people do not need more than an APS-C for excellent image quality. Well, unfortunately most consumers don't care about what they need. It's what they want. Hell, it's their disposable income, so why not give them what they want? As a music instrument retailer, I sell products to many professionals. Our company was started over 30 years ago, catering specifically to the professional. But guess who buys the most expensive guitars and basses in the store? Not an A-list session player. He owns actual stuff from the 50s and 60s, or will spend a few bucks on needed accessories, guitar repair, amps, and an occasional work horse type guitar. However, the aspiring musician, or even noodler wants to feel they are getting the best, or something that makes them feel professional. They dictate the market, because they're the ones spending the most money on value and quality. Or at least, perceived quality over even value. Products are purchased more on how it makes a person feel or how they can see themselves with that product over what's sensible. If it were the other way around, everyone of us would be driving tiny hybrid cars in a sensible neutral color so dirt won't show and resale value. Of course, where's the fun in that?
Nick, I am in your corner. Lots of people here arguing with staying actually make good sense. But since when has sense trumped desire? Especially when you're looking at pursuing a product at a price point that's not impossibly out of reach from what you've already been used to. Now, with lenses being offered on a similar plane to models with proven high optical quality and better quality control, the sense aspect starts becoming a part of the desire for more.
Just my thoughts, and I'll stick with my K-5. However, I expect it to be used as a backup to my full frame camera in the very near future, and I won't care two sh..s if the full frame is a Nikon or Canon. It's not like I can find a plethora of lenses as it is, and the ones I see are now priced more than they're worth.
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