Originally posted by aragondina Actually for $2799 you get a 5DmkII AND a 24-105L lens (a $1400 value for only $800 in the kit) So yes, at least in Canada you CAN get a full frame camera AND a very good lens for under $2800! (that would be buying a system wouldn't it?) For Pentax to beat that kind of deal, they would have to jump several generations in technology and put out an equivalent or better camera than either the 5DmkIII or D800 for that low price to lure buyers. Anything less and it will probably fall flat on its face sales wise. Not to mention they would need to announce, then produce an entire stable of lenses (at least 6), and accessories to go with it at the same time, which would be near impossible.
I'll admit, a 5DmkII or D700 right now looks like a decent deal. However, the competition for a Pentax FF won't be old generations of Canon or Nikon. Just like the K-5 replacement won't be competing with the D7000, 60D, or 7D when it comes out, the Pentax FF won't be competing with the 5DmkII or the D700 if/when it appears. While I am hopeful that any Pentax FF camera will be competitive price-wise, I believe the most important factors will be IQ and QC. If it can match the D800 it'll draw plenty of fans from the current Pentax users and will likely attract others for many of the same reasons any of us here went with Pentax instead of one of the other DSLR makers.
As has already been pointed out, there are a number of FF lenses currently available, with the FA Limiteds being excellent primes. For some of us those lenses alone would be enough reason to take the plunge. The Fuji X-Pro has had quite a bit of success with only three lenses, ones that can't manual focus worth a damn either, no legacy glass options, next to no third party options, and the system is not exactly cheap. You can get an adapter for Leica lenses though, not that that would make for any kind of savings. Pentax isn't going to take over the DSLR market with the release of a full frame camera, but I have no reason to believe that they won't be able to increase their share of it by doing so.
Price isn't going to be the only thing that will determine its success. I actually think they could release a FF camera at $3,000 and if it were to have all of the other qualities that we love about Pentax (great ergonomics, weather resistance, smallish size, and class leading IQ) then it really won't be a hard sell. Throw in two or three new compatible lenses (particularly f/2.8 zooms covering 24 to 200), improved auto focus, and new flash, and my bet is it won't be that long before you'll see a handful of pros using the Pentax system, along with a bunch of industry buzz about the new system.
I like to be optimistic and believe that the next couple of years could be very defining for Pentax. However, I also believe that that kind of turn around for Pentax will largely hing on whether or not they release a FF camera that will give their current base an upgrade path worth taking. If they don't break into the full frame arena then they will be shutting themselves out of what is from many indications a growing market, a market that means more and more buyers as sensor prices go down, and one that attracts more new comers and enthusiasts who want to have the same quality tools the pros use.