CN Tower from Lakeshore & Cherry St. -- NEX-5 & Leica-R Summicron 35mm f2. Click for larger.
So the rumor has been right, Pentax has introduced a point & shoot sensor interchangeable lens, except that name is Q and not NC-1. Pentax has always been a little different, but I think this time they have gone a little too far. When a camera gets too small, it becomes difficult to handle and thus affect the shooting pleasure. The very small and noisy sensor is the biggest issue for me. I am all for reasonably small camera/lenses, but not at the expense of image quality. But, I don't think Pentax targets people like me with this system.
This camera is perfect for the very young people who wants something different than everyone else. Image quality is secondary. Cool factor comes first. Just look at the lenses that got introduced. Three out of the five lenses are "fun" lenses. Personally, I think it will sell well to the targeted demographic group, if it lowers the price. As it is, the camera costs more than entry level M4/3, NEX, and DSLRs. Even at $500, this camera is still way too expensive. But, what do I know? They must have market researched the heck out of this before setting the price.
I am, however, looking forward to their APS-C sensor EVIL camera, to be introduced later this year. Just hope that it will be unique and have some innovative features, instead of a me-too product.