After skipping a lot of the posts that seemed at best tangential
my take is:
Good move by Pentax. Come on, we're all Pentax owners so our bias will naturally be towards newer and better toys. But Pentax is what.. third? fourth? in the DSLR market, and they really need to get new people into the brand, not upsell existing customers. It makes sense for them to introduce a kick-ass low-end... and then, later, provide an upgrade path to make sure people don't get frustrated at the 'higher' end.
I'm intrigued at 3.5fps in the K-M and ISO3200 on top... isn't that faster/higher than the K20D as well as K10D? Pentax could be the first camera company out there to TRICKLE UP its camera specs!