Quite a few issues brought up here and some misconceptions.
So here is my user experience.
Firstly on the risk of Pentax going the way of the dodo.
IMO, Sony has gone there first with the lack of activity on their A-mount and perhaps also E-mount and shift towards FE mount.
So who really knows the future.
It would have seemed the Minolta legacy was in good strong hands when they were taken over by Sony.
The other thing to find comfort in is that the mostly mechanical Pentax lenses are not that hard to adapt on various cameras (Canon; FujiX, NEX, A7 )
Think about the all electronic lenses from Sony E/FE mount and Canon EOS mount.
Either more reverse engineering to adapt should these 2 companies give up on making cameras or give up on their respective mounts.
Pentax, regardless of the poor showing every other camera show, has given a winner in each category when they choose to release something (K3; 645Z; Q7; arguably K50 with WR, pentaprism and features at its price point)
Ok, now on to moving to Sony.
There won't be any AF, so if you need and prefer AF, this is not the way to go.
There is also not much advantage if you move to a Sony APS-C body.
The only advantage here is focus peaking and evf for magnification during MF.
Sony does not seem to get it right when it comes to making a camera that is well thought out in features and photographic flow/handling of the camera.
Technologically competent, but photographically inept.
Eg.
1. Fix bracketing options
2. Menu digging to turn remote on
3. poor file naming options
4. sensor reflection
5. slow shutter reaction on A7r
6. shutter vibration on A7r
7. etc
That said, if you like MF and legacy lenses, the system is very good for it mainly because of the small form factor and the focus peaking, stopped down metering and magnification for focus.
It beats the best that there is for focusing screens (the Canon precision EE-S screen, which I used before on the 5D)
The Sony A7 system is the most worth to get for the Pentax lenses imo. (FF benefits and MF aids as mentioned before, something that an existing Pentax camera cannot offer)
I have documented the use of Pentax lenses on the A7 in a few threads here.
The thing about adapters affecting quality, I think its negligible in real use esp with the lower pixel density A7 (the 36mp A7r, probably more issues due to pixel density, which can be very punishing on poor technique, legacy lenses on the off center areas )
I have posted many samples in the "Does my Pentax lenses work on FF" thread and also the "Pentax lenses on FF" lens club.
Unlike some disgruntled former users here, my take away message is different (its not to stay here and say
"I've jumped ship and all you guys are suckers").
The Pentax lenses work on FF, and they work well.
In fact, having played around with quite a few other brand lenses, I'd say that they are 'up there' with the best of other brands.
Top that up with the smallish size of the Pentax lenses, and I would even say that the Pentax lenses make the most sense on a smallish camera body like the A7 (More than most SLR lenses from other brands and generally less problematic then the smaller RF ones).
Take this rumour what you will, but I was told by the local Pentax service personnel that his boss went over to Photokina and asked the FF question (worried about future products and sales)
They were told that it was coming next year.
Whether this is the existing rumor or little info (the 'still thinking about it' answer in interviews) that feeds into this rumor, I don't know.
But then again, if its a Pentax FF DSLR, then it will get convenient AF and good Pentax features and handling, but I doubt it beats an EVF for MF lenses with the focus peaking and magnification.
Links to related threads:
https://www.pentaxforums.com/forums/169-pentax-full-frame/246917-does-my-m42-...ses+work+on+ff https://www.pentaxforums.com/forums/122-lens-clubs/247282-pentax-lenses-ff-cl...ses+on+FF+club