-How would you rate the look overall?
I question the placement of the trigger. People hold small P&S with their thumbs on the bottom and their index on the trigger. This camera is to big for that type of hold. When holding it with your fingers curled around the grip, the index finger will be at an odd angle to push down, leading to a unintentional pull of the camera.
-Does the 40mm fit the camera well?
No. It's to small. Why even have it when you already have another 40mm? Is there something specific about that lens that vs the other 40mm?
-Are you planning on buying one based on what you've read about it in the official announcement?
Possibly for the wife, but it will have to focus very well indeed. The price would need to drop to be more competitive with the Sony offereings. If it was weather sealed, my answer would have been yes, even with the short-comings. I have an old Pentax P&S weathersealed camera from the 80's and it was bigger. It was ugly, but very functional. Weathersealing would have seperated it from the herd.
-In buying a camera, how important is the look compared to the features? Very important, somewhat important, or unimportant?
Somewhat important. It needs to be functional first.
-How do you think people who've never heard of Pentax would react to this camera?
I think they will assume its a square DSLR.