Canon's L glass is very good. Canon's non-L USM primes are very good. But Pentax Limiteds and DA*s are all really good too. Nikon has great lenses as well
It's a GREAT time to be a photographer/gear nut/etc...You can pretty much get great images out of ANY system.
My quick thoughts on going from Pentax to Canon -
-Miss the in body stabilization, especially for my primes (FA 50/1.4 and 35/2)
-K10D/battery grip had wonderful ergonomics.
-DA* 50-135 was a GREAT lens. Available in an EF mount, but in Tokina form and isn't stabilized.
I switched mainly due to the low-light autofocus issues, and was hoping the 40D did better at high ISO than the K10D. But overall, the image quality of my K10D was NOT lacking, and actually did remarkably well at lower ISOs (especially 100)
Here is what I own now, and what I could use if I was shooting Pentax (in keeping with the theme of the thread...) My two bodies are the 40D and Xsi, so here we go with the lenses -
Canon 17-85mm f/4-5.6 IS USM----->Pentax 17-70 f/4
Canon 24-70mm L f/2.8 ---->Tamron 28-75 f/2.8, not quite as wide, and no USM, but optically great, I had one when I shot Pentax
Sigma 30mm f/1.4---->Sigma 30mm f/1.4
Sigma 10-20 f/3.5-5.6--->Sigma 10-20mm f/3.5-5.6 (also owned this with Pentax!)
Canon 70-200mm f/4 IS ---->Similar to the DA* 50-135, but not as fast, Canon has better USM motor, goes longer, but starts longer as well. Someone bring out a 50-200mm f/4!
-Canon 100-400L f/4.5-6.6 IS USM---->Either the Sigma 120-400 or 150-500 that came out recently
Canon 85mm f/1.8 ----->Pentax 77mm f/1.8 Limited
So looks like I could put together a similar system, haven't bothered looking at the costs, but they'd be all in the ballpark, with the exception of the 70-200/50-135 and 24-70/28-70 where the Canons are alot more expensive than the "Pentax Equivalents"
If I had all the money in the world, I'd shoot a Nikon D3 with their 14-24/24-70/70-200 (3 bodies please!), and than a Canon 1Ds MKIII with a bunch of L primes (24/1.4, 35/1.4, 50/1.2, 85/1.2, 135/2, 200/2, 500/4, 600/4, 800/5.6)