DeanAllan: I'm not disappointed, I don't think Pentax have ever been a me too kind of company and it shows. The K-01 is not their flagship camera, I just get the feeling it is to test the water and at the same time build something that differentiate them from the crowd and get them talking about Pentax.
That being said, alot of people said it looks ergonomically wrong. I will agree with you there, if it was held like a traditional SLR is held (with OVF and at eye-level)with the hand cupping the grip vertically). To me, it looks as if you need to hold the camera slightly away from your body, your right hand cupping from the bottom and your index finger and middle-finger at the green button and shutter-button respectively - all this while your left hand supports the camera+lens -> like how kids and older folks sometimes hold a compact camera. Well I might be wrong but meh.
The design of the K-01 looks boxy but it was deliberately designed so that it stands up, without a tripod, on either end solidly, or the bottom. Sit it on a couple of books on a table pointing at your party, start it, and you can go without a tripod in a number of situations. This is actually an advantage few cameras have. Of course,the balance only works if you use one of the pancake lenses.
JoeDaBassPlayer: I am failing to see how this camera is compromised as so many say. It gets the K5 Image Quaiity in a smaller less expensive package. It also picks up very high quality video capabilities. It may be a little bigger than a NEX but lenses available are smaller than that of the NEX. It can use a real external mic. It also looks to be a good alternative to the 5D for video and photographic use.
I don't see anyone talking about the big deal Pentax retained in the K-01, the in-camera image stabilization. I have a K5 and the IS is fantastic, giving you the equivalent of extra stops in low light situations because you can use slow shutter speeds. If your hands are not extremely shaky, the IS is perfect down to 1/20s and works fairly well at 1/15. I looked at the K-01 and at first I was not impressed, and since I was interested in the video mode I began leaning to the NEX-5n, until I realized that my manual lenses adapted to the NEX would be crippled in weak light, and believe me, it is easy to build up a big appreciation of the IS in the K-5 after a few uses. The IS rules this buying decision for me - handheld video competently deshaken on the K-01 or bouncing all over with the NEX5n+adapter. No contest!