Why I choose the K-01:
As a second body - When going to take pictures with my wife we kept taking turns on our K-r and that can be annoying and also meant loosing some good shots
Size - While not a P&S it is smaller than the K-r, that plus a small prime (the 40mm XS and the 21mm in my case) and you get a great package. With that I can just leave the camera at my wife's purse and not have that "I wish i had a camera" moment
IQ - It's better than the K-r, which is already very good
Lens - No need to get a new system and new lens just for it.
Focus Peaking - For MF this is an awesome tool:
All and all I'm very happy with it. It fits my needs and I get the most important thing: great IQ