I've got a K-x and a K-5 and have looked at both the Q and the K-01.
I owned a K-01 briefly when Quill misrepresented what was included in the box (no 40XS as they indicated) and have handled both on several occassions. Prior to the v1.1 software for the Q and my purchase of a 40 Ltd I intended to get the K-01 with 40XS when the price was right (which it is now at Adorama with the bundle IMHO). However, now that I have the 40Ltd I have no need for the 40XS.
The upgrade in the Q firmware appears to be significant and addresses several issues for me. I really liked the Q's build quality, size, and handling. I like that the K-01 uses K mount lenses natively. I dislike that neither has a viewfinder. I see the K-01 as more redundant with my K-x and K-5 than the Q. Also, there are lots of posts about what lenses don't actually work properly with the K-01, which for me sort of defeats the entire 'natively K lens compatible' argument.
In the end I have chosen the Q over the K-01. Why? Because it offers more new options IMHO than the K-01 and is far better built, again IMHO. As for picture quality - perhaps the K-01 is better, it ought to be with the K-5's sensor, but I already own a K-5. The K-01 seems more redundant to me when I already have a small form factor dSLR like the K-x and a very capable dSLR like the K-5. The Q with its 5.5 crop factor is, from the photos posted here and elsewhere, an excellent Macro camera with macro lenses and a giant in the telephoto realm with telephoto lenses.
Finally, there is an intangible with the Q - most who own one talk about it bringing Fun into their photography.
Last edited by Docrwm; 11-05-2012 at 06:17 PM.