$1399 is a perfectly reasonable MSRP opening price but not a street price...but only if it gives you the features you want. Right now I hate to keep on it, but the D7000 offers the features I need, one feature to be specific. But I am loathe to go to Nikon simply because I have never used the brand and was comfy choosing between staying with Canon or switching to Pentax as I shot with an ME Super for years a long time ago. And I had used Canon gear a few times after that...plus there are is the Nikon personality and I don't have that, it's not in me to be a Nikon kinda guy...
Plus if I go back to canon I have access to a lot of the best Canon lenses thanks to a couple pro pals who shoot Canon. I am not above buying hand-me-downs either.
I am in wait and hover mode on the K-5 as we have no idea what the exact feature set will be let alone a price. And given I am close to Gravy Train or Alpo as a daily cuisine I am not buying anything in the next 6-months at minimum. Too many medical bills.