Right, sorry for the digressions.
So, in my mind (and seems you have inside infos confirming the fact), FF will and can NOT be released this year. It would have make sense to make a FF K7, but they didn't. Even if my heart say "do it now Pentax!", my head conclude they missed the train and must catch another one.
The mirrorless camera train
I am living in Japan, and from the Japanese point of view, mirrorless camera is THE must have for camera company in 2010. I don't know if it will continue for many years, but right now Pana, Oly and Sony sell their EVIL things like hot cakes! They have the most crowded shelves in giants camera shops and attract many photographers (from my observation, mainly young for Pany and Sony, and mainly old for Oly. Difference of design I guess).
Annoncements
So, what Pentax/Hoya must announce in the next 2 years... For me, mirrorless camera is the absolute priority (
) and must (will?) be done this september. They must make it very compact, but keep the "Pentax style" (SR, WR). If I was Pentax chief designer project, I would have made like a NEX camera, with a new very short mount but wide enough for a potential FF sensor (who knows what will happen in 5 or 10 years?). Also, I would put IS in the lenses, to reduce the size, weight and price of the camera, but will put a build in flash (pop up or not? Good question... Probably not for WR, but maybe no choice because of the size of the lenses).
Or, option number 2, a m4/3 system. Maybe not so good for IQ, but with a so big potential for lenses sales that it is probably very appealing!
At the same time, as expected, I would also announce a new flagship camera (will be the K5) with one of Sony's sensors. But I would also keep all the actual models! Because 2 cameras are really and definitely not enough to attract people.
The minority dilemma
Look at the other brands (from official french websites):
-Olympus: 9 cameras (E-3, E-30, E-420, E-450, E520, E-560, E-PL1, E-P1, E-P2)
-Panasonic: 5 cameras (Lumix G2, DMC-G1, DMC-G10, DMC-GH1, DMC-GF1) + many many good compact/bridge cameras (world leader)
-Sony: 9 cameras, and soon many more (a290, a330, a450, a500, a550, a850, a900, NEX-3, NEX-5)
-Canon: 9 cameras (european names: 1000D, 450D, 500D, 550D, 50D, 7D, 5DMkII, 1DMkiV, 1DsMkIII)
-Nikon: 10 cameras (!!!) (D60, D3000, D5000, D90, D300, D300s, D700, D3, D3s, D3x)
Pentax is offering good products, but the choice is so small compared to other companies that people have more chance to find what they "exactly" want in other brands. And one more time, when you buy the bigger one (k7, equivalent of middle class in other brands), then you feel "trapped" because you cannot upgrade to any better machine. I do with my K20D.
Glasses
Since I expect a brand new body with a new mount, of course I expect them to release a semi-dozen of new lenses during the next year. People will want choice from Pentax, more than from Sony (P&S photographers, they just need a zoom to be happy). Which means at least 2 zooms, and a few primes.
Also I would announce this year a good wide angle for 645D camera. And make clear it will be released world wide soon (so people can start to save money).
And then?
With a new system, they must push in this way for a while, at least 2 years. That means I would not introduce a FF camera before 2 years, probably when Nikon will announce the D900. Instead, I would announce middle of next year a new 645D body, expend the model for worldwide distribution, and keep the 2nd one specifically for Japan. Higher or lower spec? I don't know. Maybe lower, to attract new amateurs. Or higher, if their is a need from professionals for such product.