Quote: Unlike 35 mm SLRs, the system's lenses did not have a built-in iris to control the aperture. Instead, an iris was mounted inside the camera body, and functioned as both an aperture control and a shutter. This mechanism was capable of programmed exposures between 1/750 second at f/13.5; and 1 second at F/2.8.
(link - Wikipedia: Pentax Auto 110) I wonder if this would be true of a digital version? The above is the reason that all Auto 110 lenses had to be the same max aperture of f/2.8.
If it is 2.7x crop, one prediction I have is that the phrase "f/8 and be there" will be bandied about quite a bit. Only with the crop factor that'd be f/3.2 or something
Edit: hmmm... Auto 110 was only 2x crop. And that leaf shutter basically locked shutter speed to effective aperture. But not having independent aperture/shutter control does not mean no apertures ... you can have aperture and hence DOF control if you have built-in adjustable ND filter plus adjustable ISO - it's a different paradigm but potentially just as flexible.