First, a quick bonus comparison: How does the K-5's viewfinder compare to the K-1's?
The K-1 viewfinder is a little brighter, clearer, and bigger.
With the O-ME53 magnifying eyecup on the K-5, it's closer, but different. I wear glasses and I can't quite see the entire viewfinder of the K-5 when using it, but manual focussing is better.
Now, the main event... this is one specific test that I've always wanted to do.
How does a 50mm on a FF body look compared to a 30mm on a crop sensor? They should be pretty close, right?
Check out these two shots, which are fairly similar. If you don't peek at the EXIF text on the left side of each image, I don't think you could tell them apart. So don't peek, and scroll down...
1)
2)
(no peeking, answer below, and a twist...)
1) 30mm Sigma @ f/1.4
2) 50mm Pentax @ f/2.8
That's pretty darn close, visually.
So what happens when the 50mm is used at f/1.4? How does that look?
I'm not a huge bokeh-monster fanboy, and the world does NOT always look better at f/1.4. But if you need the extra stop, it's there, and it's a big jump in appearance if your subject distance is much closer than your background distance.