Originally posted by Clavius
Yes, I recognize the lack of distictive features as one of their biggest problems for a while now. They let a lot of things slip away. They were the ones with the best bang to buck ratio. Not only bang to buck, but also best quality for the buck. Far from "cheap". They were the only ones with IBIS. They were the ones with lenses that were affordable because they didn't need stabilisation and motors in every lens.
They still have superior finish in same price range and reliability than other cameras. They still offer WR on most bodies, even very affordable ones and they have a big range of WR lenses. They still offer a very compact design overall.
They offer very good OVF for the price, more photographic modes (like P, TAv & Sv) and good ergonomics. IBIS is not unique, but Canikon doesn't have it neither. Combined with the fast an efficient screw drive AF motor that allow for very small and compact range of lenses other just don't provide at least on reflex.
As for lens availability, I understand that new Sony E system is innovating, but there nothing available. No less.
Pentax strategy, like Sony, Canon, Nikon, Panasonic and so own are all building system where the entry level bodies are really cheap but the advanced bodies are expensive, and high quality lenses are even more expensives. Once one is invested into the system, it is costly and time consumming to change for another system. This protect their revenue stream as enthousiast and pro already on the system will likely continue on the system is there is no big incentive to do the contrary.
There the exemple of Canon that has not so good high isos sensor for a few years but that still manage to keep the market share because their lenses are great and because again, if you have lot of Canon stuff, the most logical is to continue with Canon.
This is economics. You can also make just lenses and throw away the body and release the lenses to everybody. In particular if I was Pentax and thinking of that, I would of course first target Canikon that has the biggest market share and not Sony. But mostly that a different business and only the small and high quality lenses like the limited would make sense from the actual line-up. I'am not sure they could be sold that much and even there would the problem of FF compatibility. On canikons, the model is to go FF when you are enthousiast so that remove all DA lenses...
No really I think Pentax has everything to loose in short term, and if they decide to do so, that a very different business where one of their asset to make good affordable bodies is not worse a penny anymore.