I think you guys are missing the point. This camera is not targeted as a competitor for MFT/NEX/NX. This is an advanced
compact camera with interchangeable lenses, not an SLR without the mirror. There's nothing like this on the market! Along with the toy lenses, this is most likely a camera aimed to be a digital LOMO rather than a camera for serious photographers. I could have a lot of fun with this next to my K-7.
The most important bit is: the price! This camera should cost less than an MFT/NEX/NX camera. I'm very afraid though, that Pentax will make this too expensive to be a fun camera.