I remember when Pentaxian's were saying "Just give us a Full Frame, we don't care if you ever make anything else ever again"... careful what you wish for. Heh.
There seems to be a fair amount of negativity on the forum(s) about the current state of things. I get why some of that is; we all want our favorite team to do well and I can sense the brand loyalty and fandom, I am not immune to it myself… but I think the worst part of all this is just not knowing for sure what is going on. No one wants to be stuck with a big investment in bodies & lenses when the music stops, and get .20 on the dollar, when they have to re-buy into another system.
IF we knew for 100% certain that Ricoh was dedicated to keep making Pentax products for FF & APSC in K mount for the foreseeable future, even if just as a showcase product while they made their real money elsewhere, I'd be fine with them happily chugging along making small body upgrades and releasing a lens once in a blue moon, since like Normhead says, they already have a pretty decent line up that just needs tweaking.
But that is me, selfishly focusing on my needs... I fully get that some want the new APSC flagship like, yesterday, or sooner. No matter how good the new camera is... let’s say it is on par with the Nikon D500, maybe just a tick slower, just a tick less accurate in AF, but smokes it in image quality, and costs nearly as much as the D500, which is about what the K-1 costs... ok, great. Now compare your current KP or K-3 Mk11 to that fantasy camera. Picture it in the Studio Scene on DPR... do you really think it will be THAT much better than what you have now? Is that most likely small incremental improvement in speed and IQ worth all the angst we see?
When I was young, I hopped all around from brand to brand and format to format seeking photographic Nirvana. I shot 4x5, Medium Format, Pentax 645, 6x7, Contax, Rollie, Nikon, and finally figured out the camera is just a tool. Once a tool is "good enough" it is time to stop obsessing over the tool and re-focus (pardon the pun) on the art of using it. Sure, I liked the larger formats for weddings and portraits, but I also liked the tiny little 35mm for its speed and portability. 36 shots on a roll baby! Woot! Sure beat loading film plates one at a time, or having my wife loading film backs for 8 to 12 shots at weddings.
Bottom line for me as a hobbyist now, is best bang for the buck with a layout that feels natural to my personal shooting style and ergonomics that feel like second nature to me. That is still Pentax for me. I refuse to be lured back into that unending search for something perfect that doesn't exist. If Pentax dries up, I'll deal with it when the time comes and... I dunno... buy a Nikon D-something or maybe even a Sony A-something with a K adapter or something so I could keep using my FA Ltd's, and until I could afford to buy into the system lenses for long glass... beats me... but I'm not there yet by a helluva long shot because Ricoh is still keeping Pentax and the K mount going, so it’s all good for now until they officially say otherwise.
Eric