What is Pentax waiting for??

A couple of things may have caused them to pause.  Nikon now uses the Toshiba 24 MP sensor.  This is arguably the equal or better of the Sony 24 MP.  Nikon's use of the Toshiba part might have been unforeseen by Pentax.  So Pentax goes to market either with the Sony 24MP or the 20MP.  Either may not be as successful against the 7100 as the K5 was against the 7000.

The second point is the 51 point AF CAM 3500 from the D300s now in the 7100.  That is pretty daunting and its Pentax's weak spot.  The SAFOX X sensitivity still is impressive (to -3EV) however it still only has 11 points which 9 are cross type against the 7100's 51 and 15 cross type and -2EV sensitivity.

Still those two facts will probably make Pentax blink a bit.  Not much that they can do in the short term as I expect that the factories are being retooled for the K3.  So I'll bet they come out with a K3 that has the Sony 20 MP sensor and the SAFOX X plus a few other minor upgrades in a K5 IIs type of body and approach - no AA.  If they really did their homework perhaps they will have the Sony A77 type of AF with a modest improvement of 19 AF with 11 cross type.  Whatever the SAFOX XI is I doubt it will match the upgraded CAM 3500 module in the D7100.  I bet they won't use the Sony 24 MP sensor since they would have done that by now as its been in circulation for awhile.

Lastly I expect Pentax will use the newest Milbeaut and its tricks.  Some same capabilities as Nikon's Milbeaut based Expeed 3 (yes I know - the Expeed is a Nikon designed part but it still uses Milbeaut core parts in the ASIC).

Beyond that I don't see much being new. Maybe tilt swivel LCD - maybe.

Probably what would get some real attention would be a K5 body with EVF, 20MP, Tilt Swivel LCD, 20MP, 35 focus points etc.