I am hoping the K-5 would be a contender to compete with 7D and D300s, not D7000. I don't think it is a bad situation; if K-5 turns out to be similar to D7000 in spec, it will find it's market price to be close to that - then I still would choose K-5 over D7000 since I already have most of the glass I need.
A year ago when the K-7 came out, someone Rice*** predicted the demise of the Pentax and worried about its future. A year later, we have the K-r and K-5. Next year or later, we will have K-3 etc. I am not nervous, just excited to see how this unfold.