Lame as it may sound, but i will quote myself on this
"I think Nikon is aiming strongly for the pro journalism/sport market. I see the D700 more as the second camera for the pro and less as the affordable FF for the enthusiast. The D700 is the performace of the D3 in a smaller body, without the features of a true pro body (WiFi, vertical grip, two card slots, etc.) It's obvious that with the D300, D700, D3 and the upcoming D3X, Nikon is kicking Canon's a** in the high-end market.
But that is only the peak of the iceberg. In the low- and mid-end range, Canon is by far better. The 40D, 450D, 1000D are selling better than the D80,D60,D40x. They are also better cameras. You can still find the 400D and 350D brand new. The 5D is selling like crazy at 1900$, at least here. Add to that the USM primes that Nikon is missing. Canon is the king of this segment, no doubt about it.
I can't think of any Nikon worth buying under 1700$. And between the D300 and the 5D it would really be a close call, the 5D probably winning it for me. If you don't need speed at a very high level, i see no reason to choose Nikon right now.
At this point, i think "the camera to beat" is the 40D. And the K20D is doing that in terms of image quality, resolution and (subjectively) ergonomics. If it would have faster AF and 6 fps, there would be no doubt about it. And something like the current 5D for 1800-1900$ would also be a hit. With the same faster AF and 5fps it would be everything i would need. And let's not forget about the Shake Reduction. I think it would sell much better than the 645D or a D3-like K1D.
So, a K30D and a 5D-like K1D is what i would do. I think Pentax always meant great quality at a very good price. That's why i chose the K100D when i chose it. The K20D and K200D are just that, the Limited lenses are huge bang for the buck, old lenses are great. I hope Pentax will stick to that."
What i see is a great opening in the market. Between the C 40D and the N D700 there are only two cameras: D300 and 5D. If Pentax can match or beat the 40D on all aspects (so better AF and fps in the K20D) , and a 5fps 5D-like 2k$ Pentax would beat the D300 and 5D into the ground, so they would have an amazing target audience. The next higher priced camera would be the D700, offering little for the 1k+.
Honestly, how many of you would buy a 645D or a 4k$ K1D similar to the D3? And how many of you would buy a 6fps K20D with improved AF or/and a 1800$ 5fps 14Mpix FF?