A FF Pentax would NOT be the end of backwards compatibility -- see how Nikon does it with the D3.
There is quite a difference between noise and high-ISO (ISO 6400 say) performance with the D3 and everything else below $5000. I'm not sure why the OP would make such a statement.
I don't have the Canon 5D or the Nikon D3 but I have a pair of friends who do, and I pixel-peep their images regularly. I'd have zero interest in a FF that performs like the K10D. This the main reason why I didn't go for the 5D -- I didn't think it was enough of an advantage for 4x the price. (This of course is why the K10D is such an incredible camera.) However, if you combine FF, low noise, high ISO, fast AF, accurate AF, high frame rate, plus weather sealing, this is quite a camera. Most people fixate on the FF, but the D3 is the complete package, at a price.
I voted yes, but only if the FF Pentax is exactly like a D3 with a K mount.
And I'm probably lying about being willing to shell out $5000; $3000 though...