Guys, first of all, no issues from me with the K-7 placed outside for night timelpses - think battery (already half depleted) lasted a couple of hours. I got it next morning looking like this:
No issues with the body, although I did (very carefully) warm and thaw the 43mm. It was up north of Barrie, and a lot colder than the -10*deg C rating.
The second part related to diving is interesting. Not to rain on the new Pentax cam, but the availability of a OEM, reasonable cost, fixed port housing (~$500) was one of the reasons for me getting an E-PL1 (Which can also wirelessly control strobes and flashes (which Oly also makes housings for!)):
[YT]http://www.youtube.com/watch?v=7BFWKuk-Kx4[/YT]
Now if Pentax Can do that with the upcoming EVIL, I will be on it in a heartbeat.