Originally posted by Kunzite Your logic is not without merit, but once again it only holds on the short term. It's once again the "let's do some odd product for the few Pentaxians who might want such a thing" versus "let's enter the MILC market and develop a serious system". I'm not certain which they would try in their next mirrorless attempt, but the first option they already tried - and it failed.
By your logic, since the K110D wasn't a huge success, Pentax should give up on DSLRs in general? It wasn't the concept that was bad with K-01. Actually it was a success in Japan. But in the west it was often considered weird and brick-like design. As explained earlier, a K-02 with a different design could make a whole different impression in the west and make this concept a success here too.
The concept is brilliant and much more cost effective then starting a new mount from scratch. Low overall costs will enable Pentax to play much more with pricing then any competitor. They could start out with very high margin low volume and if necessary transition towards medium margin, higher volume. Most profits come from lens sales, so a cheap starting point is just excellent.
Regarding size, test sites all over the world would put on a limited lens, place it besides a comparable Sony camera and lens and prove to the public that its not all about the registration distance. Sony just haven't played their size-card very well, so in most comparisons it should be an easy match for Pentax.