Like many, I will be watching very closely what happens at Photokina. This could be a turning point for Olympus, Fuji and Pentax who all seem to be at some sort of crossroads with their DSLRs. Which way will each turn though?
The short answer from me is that there is nothing big from Pentax, IMHO. Something fairly significant should be shown to maintain confidence and interest in these brands IMO. I for one will be making a big decision, having been holding out on buying anything expensive up till now.
It is true that many developments and conditions are forcing the need for more proactive approach and clearer directions. The EVIL market is threatening all the low-end DSLR market as it grows and increasingly capable cameras are released. C and N if they go into this market will have huge implications. As technology continue to advance, e.g. in EVFs, and the young Ipod tribe continues to grow and influence market directions with their new tastes (as early success of the NEX seems to indicate), there can be significant changes. Inaction or conservatism is not an option.
There is an increasing reliance on electronics for advanced new features, but Pentax is not an electronic company like Panasonic, Samsung, and Sony. There is a trend of convergence of video and still cameras, from both the low end and recently also from the high end, e.g. Panasonic and Sony's new video cameras that can accept the video capable lenses originally built for DSLR or EVIL, providing serious video features and therefore justifying the development and purchase of those advanced lenses, to use them for great DOF control as large sensor high-res video taking. Pentax does not have the same level of video expertise, business or resources. It does not make sensors like Sony or Panasonic, or shutters, or any crucial parts in the camera apparently. What Pentax has is glass technology and lens design, but they have not been translated all that well or that often into new product releases lately, such as fast lenses, serious UWA lenses or long teles.
So, what can Pentax show. Well thought out integrated designs, probably, that can continue to provide what the other major brands are ignoring - small size, value and features that are easiler to integrate and that satisfies a certain section of the photographic enthusiasts like landscape, macro and other shooters who need the optical performance more than quick shooting and action shooting.
Regarding size, definitely Pentax has it, except for the worry about the even smaller EVIL cameras approaching DSLR quality and features, and the changing attitudes of the new generation of consumers towards those cameras, sacrificing convenience features though not IQ for smaller size. Value, definitely, except that it is becoming increasingly clear that there is only value if owners only use kit lenses. TCO includes much more than just the camera, which is a small part of expenses. Although beginners are attracted and buy into cheap cameras, not many will continue to buy expensive lenses and deliver the profit of lucrative lens sales to Pentax. To Sigma mostly. Pentax needs to be competitive in its lenses before dwindling sales force their prices even higher.
As to the integration of selected useful functionality, that is where Pentax can deliver best IMO. I think most realise that Pentax will not be able to keep up with others in the advances in AF technology and in shutter technology for fast action shooting. Too costly and too late. There is still a lot it can do to deliver features for non-action shooters, with what matters to them, value, size, WR (which is really part of the value delivered), and IQ, assuming it can continue to get the best sensors. It will be at the mercy of Sony, or maybe Samsung, both competitors, which probably mean that it will never hope to become so successful and threaten either of those companies.
What do all these mean? Keep your expectations low! All I want to see is incremental improvements and updates. Not big changes, and therefore less cost and good value. Pentax camera sales rely on providing exceptional value. I think producing reasonable priced lenses is going to be most effective strategy until Pentax can re-establish its reputation, build itself more and have more consumer confidence. So, the only significant thing that is likely shown at Photokina and that I hope to see is delivering great value in a fairly modestly spec'ed but improved versions of existing models. It is hard to see how Pentax can come out with real ground breaking new models, or can expect to be able to continue to do so that others cannot not just catch up quickly with their significantly more resources. All it has to do and should do is to deliver value and do something about the lens prices and lens lineup.
The MF is IMO a risky distraction and hopefully is not taking too much resources from what should be invested in DSLRs. Sounds nice, but it does nothing to provide an upgrade path, or justify owner confidence and upgrade, e.g. to allow use of its expensive FA lenses in a real FF camera.