Leica is completly on a different segment than Pentax.
Their price point is more on the D3X side, the online photographer made an interresting article about the Leica phenomenon
here.
I have no doubt that the Leica M9 will be an excellent camera, but saying that it is competing with Pentax is plain wrong.
@ K-9 : Leica si a niche player, fighting for its survival. At a 5000 € / $ price, their are not competing with Canon or Nikon but selling a legend for healthy, non-pro, buyers.
Pentax strategy cannot be the same as only Leica has this Legend, even Rollei or Hasselblad can't have this strategy.
Pentax strategy is to make cameras knowledgeable enthousiasts on a budget. Pentax is the paradise for people wanting to use their vintage lenses on digital (a market niche that is being attacked by micro 4/3) and the best brand for those who want to buy a full lineup on a budget.
I don't believe that Pentax would be able to deliver soon a Full Frame and I think Sony will want to keep exclusivity on their FF sensor (at least until they have a real market share) But the news here are that now there is a new player that can help Pentax to present an 18Mpx FF in a not so far future.
Pentax needs to recreated a full 35mm Lens lineup and this take time, you can't just change the coating of the film era designs. While the center performance as seen on APSC cameras may be good with the old lenses, the corner performance can become very poor, especially at th widest angle.
And then, they need to push it under production and get a good QC.
At the end the real question is what price will
you be willing to pay for those cameras and lenses ?
FF will come to Pentax someday, but I doubt very much that it will be 2010.