Originally posted by monochrome The point of a reference lens is the statement. It is an icon, a standard, representing more about the company than the lens itself.
It is understood relatively few people will actually buy the lens, but many will wish they could, and those who can choose any brand will look at Pentax, whereas before they wouldn't even think of it. It is one, necessary step in a long journey for Pentax. The days when a camera company could just release a complete system in a few short years like the mid-70's are long behind us.
Ah, but say that to Fuji on APS-C and, now, MF. They went from zero to pretty full system in about three years with the X-Trans and they will probably do something similar on MF. Fuji know that if they are swift and decisive, they can knock some other players out of the game altogether.
The newly announced 50mm f1.4 lens takes its place beside similarly large f1.4 prime lenses from Canon, Nikon and Sigma. Of course Pentax want people to buy it. And if they price it right and the quality is there, then folks will buy it and its eventual stablemates at 35mm, 85mm, etc. The alternative is no modern primes on Pentax FF which would be suicidal. All these big modern f1.4 primes from the main companies are reference lenses, imho. Look at it this way: the price of a reference prime lens just came down from 4K or so (Leica, or medium format lenses, e.g.) to nearer 1.5-2K (FF). Not bad, actually.
I'm not sure there is time anymore for long journeys. We live in a world of I Want It Now. However unlikeable that may be, and personally I find it deeply unlikeable, it's probably the reality for tech companies these days. If you don't do it now, your competitors will have done it for you within a year or two.