I knew it wouldn't be long before Pentax would move forward from Sony's old 16 megapixel APS-C sized sensor to Sony's newer 24 megapixel APS-C sized sensor. This sensor, which can be found in some Nikon and Sony cameras, is exceptional.
In case you don't know, Pentax was able to squeeze just a little bit more out of that 16 megapixel sensor than anyone else could, including Nikon and Sony. The K-5 and later the K-5 II both spent time as the highest rated APS-C camera over on DxOMark. I saw the sensor in action on the Pentax K-30. It will be interesting to see just what Pentax does with the 24 megapixel sensor.
The camera seems to be very similar to the K-5 II outside of the sensor. One interesting change is that the K-3 does not have an anti-aliasing filter (which was included on the K-5 II but not the K-5 IIs). Instead, the image stabilizer can be used to blur the image slightly, effectively mimicking the effect of an anti-aliasing filter, and this can be turned on or off (I'd leave it off as much as possible, personally). Also, the auto-focus is supposed to be slightly better than the K-5 II.
The price tag with a kit lens will be $1,800.