Whilst researching whether or not to get a K1, I stumbled upon this feature, and being unaware of it, I came across this thread. What an amazing feature! Below are 3 shots of the front of my house taken with the HD DA 15mm and my K3. All from the same position and hand held. So not particularly an accurate representation but it does show the effect quite well. First is horizontal to the ground , second tilted up to get the roof line, third is using compensation adjustment.
Ricoh should be shouting this feature from the roof tops! I know it is not a complete alternative to a shift lens but but it goes a long way and it makes any wide angle lens much more useful. Now if only I can use the SR mechanism to get tilt adjustment!