I am also struggling a bit like you - not so much because I don't believe Pentax offers solid value for the money, but rather because the company seems to be lagging the others in terms of lens options (and no - I don't care to buy a bunch of primes and constantly switch them, which isn't a very cost-effective solution either compared to many of the fast focusing, fast glass, better resolution zooms) and announcements of newer camera models. After purchasing a Nikon D40X, which I had converted for infrared photography (after not finding anyone that would touch a K100D or K10D), being extremely impressed with the D40X, and seeing Pentax lagging on its lens availability and not able to announce a successor to the K10D (despite every competitor making an announcement!), I ordered a Nikon D300. I realize that I have some time to make a decision, since I suspect the D300 backlog will be quite long for quite some time.
But apart from Pentax's products, one also has to consider the company - how it stacks up against the competition and the realities of it being able to keep pace with them over time. Pentax is doing better financially over the last 1 1/2 years, but this barely gets them back to break even after 4 years. Some of the competitors are selling as many, if not more DSLRs, in a single month than Pentax sells in a year. It would be a romantic notion for some to believe that Pentax could outmaneuver/out-innovate Canon, Nikon & Sony, but I find that one a bit tough to swallow. In this day and age, when the camera business has, and will at an increasingly faster pace, come to resemble the PC market rather than the historical SLR market many are used to, this is a legitimate concern. We will see the digital cameras improve rapidly due to computer hardware and software technology at a pace that will make previous generations of cameras seem like they were moving at a snail's pace. It is inevitable. At some point, technology may out pace most customers' ability to keep up with the changes and benefit from the improvements, but that hasn't seemed to stop the PC market. With potential for improved algorithms for image processing, dynamic range, low level light performance, auto focus speeds, larger low-cost sensors, etc., etc., - we have quite some way to go. Pentax has to keep pace or be left behind.
I find it a bit ironic that some people criticize you for "wanting too much", when they are shooting K10Ds or K100Ds. I don't see them shooting with 1 or 2 MP (or film for that matter) cameras. And I would bet that most of them likely didn't ride their horses to work, wash their clothes on the rocks in the local stream, fuel their house with firewood that they chopped with an ax, or visit an outhouse lately. What sticks in their craw is that, in asking for more, what you are really doing is in effect saying to them, "your choice (K10D, K100D, K100S, etc.) isn't good enough for me." That's tough for most people to take. And anyone expressing such sentiments surely will suffer the wrath of many of the brand loyal followers. This is a common reaction on this and other forums by those who are loyal beyond reason, can't look at their favorite camera maker with any sense of objectivity, and don't care to hear others tinker with what they have already deemed "acceptable".
From a variety of perspectives, you have a right to be concerned about Pentax's ability to keep pace with this rapidly advancing/changing industry in light of its market share, Pentax's lagging behind with respect to fast glass in zooms that feature high speed auto focus, and the fact that the other companies are not just going to sit back on their "hands" while Pentax sorts these challenges out with its new owner. Just because Pentax's finances have been better for 1 1/2 years, don't count on it to continue if others continue to outspend and out-innovate Pentax.
Having said all this (yes, I know it seems pretty harsh - but sugarcoating the facts rarely helps companies or individuals!), I still hope Pentax can pull it off. They do offer very good value for the money. I think the K10D with a Tamron 28-75 is a top notch landscape, portrait, and general usage lens that is probably tough to beat for the money. And I exercise my K10D quite a bit under challenging conditions -
http://www.flickr.com/photos/innerdemon/1801256600/
. If Pentax can continue to improve the in-body image stabilization along the lines that Sony & Olympus have claimed to do, this will be a very strong argument for staying with or switching to the Pentax line. Rounding out the overall lens roadmap and adding some high speed, low cost motors in Pentax lenses similar to those in the low end Nikons and Canons will also help out quite a bit.
To Pentax - Don't rely on blind loyalty of some of your customers to stick with you regardless of what the competitors are doing to provide newer models, more features, more functionality and in the end - more value. Get your b-tt in gear! You have a pretty loyal customer base, but don't try their patience!
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Best Regards,
Bob
http://www.flickr.com/photos/innerdemon/ 
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