I don't know, I could see some sense in it. Quite often when people compare 3 items they'll choose the middle one as a compromise between price and quality. Right now people looking at the Pentax range just see 2 so maybe Pentax are hoping to take some sales away from K-X and divert them into this middle model.
The question is though is that an accurate reflection of how people shop. Do they compare the whole lineup from one manufacturer or do they compare 3 models with say similar features & price range. I'd have thought the latter myself unless you're a Pentax nut. I don't know how many Pentax nuts there are
In terms of the bigger picture though, it's not exactly the case that the Pentax lineup is overcrowded. 3 wouldn't exactly be oversaturating things when you compare it to what's on offer by other guys - models to suit various budgets, tastes and so on.
Anyhow it's just a guess.