Yep - still have the K200D I purchased new when it was the best value entry level dSLR around - easily trumping those other brands.
As everyone else has pointed out, its tough, water resistant, has that top LCD (perfect in a bright Aussie summer), great ergonomics, uses AA batteries and produces excellent images.
Yes, it has limitations - high ISO noise (fix that in LR with luminance/colour NR), a double mirror slap when my reversing ring/extension tubes/bellows is mounted (don't know why), and AF hunting and noise in low contrast situations. But if you know your limitations you can allow for them
To put it in more perspective, I compete regularly in my photography club and get high scores against high end Canikon users - so its not the camera that's a limitation!
I've looked at the K-5 longingly, but can't justify it when the old K200D fills 90% of my needs. Good glass is the better investment.
So keep your trusty K200D - and enjoy it