After nearly 3 years of playing with other digital cameras I finally took the leap back into SLR-land and purchased this great Pentax camera. Though I am just beginning to explore its capabilities, so far I am delighted: there are a lot of advantages to SLR camera use that I missed from the film days.
As with any of the current crop of digital SLR's, you get a ton of flexibility and shooting speed at a price that would have been unthinkable just two years ago. If you are used to using film SLR's, and have been frustrated by certain aspects of using a typical digital camera, you will be happy to be back in the land of no-shutter-lag shooting; the ability to use a ring on the lens barrel for zooming; tons of manual flexibility combined with idiot-proof program modes; and of course the flexibility of many lens choices. What has particularly driven me crazy about the current crop of high-end non-SLR digicams is the use of EVF viewfinders -- by contrast, the viewfinders on digital SLR's are great.
So why this Pentax vs the other competitive models? (The others worth considering in this price range at this time are the Canon EOS 10D; the Canon Digital Rebel; the Nikon D70; the Nikon D100; or even the Sigma models). This Pentax has the same sensor as the Nikon models, and the imaging capabilities of any of these cameras is doubtless well beyond my skills in any case. So to me it came down to ease of use, size and build quality. Size in particular is important to me: if you just look at the specs of this camera on a cubic-inch basis it's 38% smaller than the Nikon D70 and 26% smaller than the Digital Rebel. The Canon 10d is even bigger, and looks like a house sitting next to the Pentax.
After handling all of these cameras, I concluded that the Pentax is the one I would use most often. Too often my film SLR's sat at home when I was using film -- I would grab a point-and-shoot instead. I really wanted something I would use a lot.
On the other hand, some published complaints (and my conclusions) about the Pentax have been:
(1) Images are too "soft" (this is super-easy to adjust if you use something like Adobe Album, Elements or Photoshop, and in return the camera is not "sharpening" the image for you, which can introduce sharpening noise)
(2) Not as many lenses as available as in the Canon or Nikon lines (There seem to be plenty for my purposes, both new and used)
(3) Memory cards are hard to eject (Doesn't seem that hard to me; you need to be careful no matter what camera you use).
Another issue (price) with this camera has been fixed: when it was introduced it was more expensive than the others in its class. But the price has been reduced and now is typically available at a price that slots it in as a bit more expensive than the D70 and less than the 10D.
All of these current digital slr's are great, and it seems to me that if you already owned Canon or Nikon lenses you wouldn't go wrong with one of their models. On the other hand, if you are starting from scratch (or like me, you own brands you can't use on any of these), the Pentax is worthy of serious consideration.