Great post, @Rondec
Some points I'd highlight, to address:
Originally posted by Rondec Mirrorless is a tough thing for Pentax, particularly if it involves a new mount (which it should if done correctly). The biggest issues become lenses (using an adapter is at best a clumsy interim solution and at current rates of lens development you are looking at years to fill out a decent lens line up)
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Olympus and Sony have turned these cameras into specs monsters which is the opposite of Pentax's style of camera
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Maybe the biggest thing is that there is no particular point to k mount users going with said camera over a Sony camera if they need to get an adapter for either camera to work with k mount lenses.
Sony is so far ahead in the APS-C and full frame mirrorless game that it is hard to imagine Pentax catching up
I agree that if Pentax ever develops and releases a mirrorless, it needs to involve a new mount with a short registration distance, both to benefit native lenses and the use of adapted glass from a variety of mounts. However, the manufacturer's adapter solution to use K-mount AF / MF lenses needn't be clumsy. I use the LA-EA4 adapter with my A7II and A-mount lenses, and whilst it may look a little clunky, it works *superbly*... just as well as my Sony A99-based Hasselblad HV with native A-mount. Note that I don't own a single native E-mount lens for my A7II... I use either adapted A-mount AF lenses, or vintage manual glass.
I also agree that Olympus and Sony (and, frankly, Fujifilm) have really developed their mirrorless models to a point where Pentax can't realistically catch up - not unless it massively expands its product development team. And yet, there's a place - I think - for a "less is more" mirrorless Pentax. Sony may have the A7IIIR and A9, but I reckon a lot of people are still buying the older A7 and A7II because they do enough of what most photographers need. I'm not sure a mirrorless Pentax model needs to challenge the top end models from Sony and others.
Finally, why would anyone buy said camera instead of Sony? Firstly, because it's a Pentax, and brand loyalty does still count for something (as we see on these forums). Secondly, though, there is no AF K-mount adapter available for E-mount. If Pentax released one at the same time as the camera - part of the package, in fact - it would be the only mirrorless solution offering fully-functioning AF with K-mount lenses.
I suspect all of this is moot, as I don't believe Ricoh / Pentax has the resources to plough into mirrorless development alongside DSLRs. If it did, I'd rather see those resources concentrating on getting the best from DSLR technology first