“I see the market for the "Q" as shooters who like really tiny cameras and available light/natural light aficionados and/or street shooters who like the fast f/1.9 "normal" lens.”
DigitalCameraReview has published their review of the Pentax Q interchangeable lens prosumer compact camera, with 12.4MP resolution (1/2.3-in. CMOS), Sensor-shift Image Stabilization, Pentax Q-mount, 3.0-in. LCD (460k-dot), optional shoe mounted optical viewfinder O-VF1 available for 01 Standard Prime lens, built-in Flash, PASM, Scene Modes, RAW, In-camera HDR, Continuous Shooting 5fps, in-camera Bokeh Control Filter, Smart Effects Mode, Shutter Speeds of 1/2000 to 30 seconds plus B, Hotshoe, and Full HD 1080p Movie 1920×1080 @ 30fps in a magnesium-alloy body. There are currently 3 lenses for the Q-mount: 01 Standard Prime lens 47mm (equiv.) F1.9 with 5 aperture blades, 03 Fish-Eye lens 17.5mm (equiv.) F5.6, and 05 Toy Lens Telephoto 100mm (equiv.) F8.
Read the Pentax Q Review @ DigitalCameraReview.