The M2 is an example of how the camera market is facturing; mirrorless doing better in Asia and DSLR in the rest of the world. Otherwise, Canon would offer this camera everywhere.
The Q's main market is Japan, where is seems to be quite popular. I have the original Q and find it fun to use. IQ is also quite good and I find DR better than other small compacts such as the LX7.
I am worried about the direction that Ricoh is taking Pentax. Adding more colours does not enhance a camera. While I have many Pentax products (K5IIs, K30, K01, Q), the recent decisions have left me scratching my head. K50 and K500 with no new features, Q10 with multiple colours and now the K01 new colour. While Canon, Sony and others are advancing their tech (i.e. 70D), Pentax is releasing more colours? I hope it works out for them as I have lots invested in this system.
Looks like a good upgrade. I have enjoyed the original Q and the IQ was great in spite of small sensor. If they have the same level of processing in Q7, IQ could be better than you would expect. I hope that the buffer is larger for continuous shooting and they find a way to deal with low battery life. If they made a Q to K adapter that allowed AF, this would be a great system for wildlife photography!
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