This whole post is my opinion only ... so take it with a grain of salt.
I agree with Nathan that if all they can come up with is a K20D super - it's bad for the public perception of Pentax.
Public perception is so important for marketting and Pentax is getting clobbered in this department at the moment. They were late to the digital game and have been playing catch-up ever since. Admittedly, the K10 was definitely a push in the right direction. And the K20 is a very competent camera.
Unfortunately, most consumers in the American market judge the quality of a brand by the top-end of that brand. Logically, this makes a kind of backwards sense - if the Pros
choose to use xyz brand, there must be a reason. Also it makes sense if you look at it from an R&D angle. Lastly, we American consumers are often swayed by whatever is "cutting edge" at the time. (You should have seen the lines at the apple stores for the new iPhones, here in the Bay Area!)
Pentax has played a conservative hand at every generation, except maybe the K10d. Nikon was in a similar position a few years ago. They had lost major ground to Canon. Public perception of Nikon had suffered. They had no feasible contender for the high end. It took a full mangement shakeup for them to start pumping $$$ into R&D - now they are reaping the benefit. Canon is no longer the clear cut market leader.
Admittedly, Pentax may be a bit small to start taking the risks (and associated benefits!) that Nikon took to create the current market environment. OTOH, Samsung isn't! I hope they step in and move us along. The Asian and European market may be different but, without the public perception, especially in the high end, I think Pentax will keep losing ground to Sony/Canon/Nikon.
What I personally love about Pentax is that they manage to put together so many features and get it (mostly) right. The most important feature on my camera is the ergonomics. I can have the camera in full manual and operate pretty much with my eyes closed, and get a very good exposure, using the right aperture and the right shutter speed. (Although the composition would probably be cr@p!
. I haven't found another camera that lets me do this yet. I played around with a 40D the other day. I don't think I could be as comfortable with that camera if you had given me 6mo to play with it.
Just about every other factor is already accounted for in the other brands. Sure people will talk about the lenses... IMO, every brand out there has great lenses for their system. In fact, in terms of lens quality, Olympus is the new Pentax (barring specialty/specialization companies like voigtlander and zeiss). Pentax lens quality is very good - but no longer amazing in todays market.
While I'm on a roll here (haha), let me say something about full-frame. To me, there is no doubt that the larger sensors have a huge quality advantage. And I do mean huge. Seeing what comes out of an H3D or even better from a 4X5 or even 8X10 film camera - makes my K10D look fuzzy!! This is true even if you downsample the large-frame images to a 4x6 print!!! I notice a difference and it's huge to me.
On the other hand, I can't afford anything larger than what I have.
So thank you Pentax!!!