It is a tough one to answer.
I did look at the K-7 before I got the K-5, due to the fact that although my K20D was getting on a bit (nearly 3 years old and over 30000 shots), would the K-7 give me much more than my K20D (apart from better AF and shutter)
The reality, for me, was that, although the K-7 was a major improvement over the K20D when it came to AF, shutter, build, metering etc, the reality was that as it used the same sensor as the K20D, and at the end of the day, the IQ would be the same.

however, as you have come from an A700, you may find that the performance is a big improvement.

It all comes down to two things really.
1. Do you really need 7FPS. ie Do you do a lot of nature or sports?
2. Do you need excellent low light performance. ie, the ability to take photos at extreme low light such as very dim with the kit lens (ie F3.5-F5.6) and hand held, or you take a lot of interior shots handheld.

If the answer to both is no, then the K-7 will be the camera for you.
However if either is yes, then seriously consider the K-5 as it's IQ is in another league, especially taking these into consideration.

Hope this helps.

You will REALLY enjoy it.
Even though mine might go back due to the spots on the sensor (but the shots tonight don't show them at all), I am totally besotted with the IQ. No Front focus or Back Focus issues whatsoever, and I have not even calibrated the lenses on it. This thing with decent fast lenses is SHARP, and that is in capitals. I LOVE this camera.

If you are a portrait guy (like I am) then this camera is perfect.

Just done another check, and yes, I have them too. Not as bad as others, but they are there. Put it under the Sensor Scope and the sensor appears clean.

Looks like it is going back.

However, before it goes back. I am going to give it the rocket blower, just to make sure, and take an F22 shot in Daylight and on the tripod, just to confirm if the marks stay the same. So that is a job for Saturday.

My Tuppence worth

You have some choices with lenses.

The Aformentioned
12-24
24-70

Then
Either the 50-135 plus Sigma 120-400 and 1.4x converter
or 50-135 plus Sigma 150-500 with no converter
or Bigma

What you want to try and do is keep the number of lenses to a minimum due to travel and reduce your lens swapping to a minimum.
In all honesty you may find that just having the 55-300 as your long lens will be too short, and putting a converter on it, will not suffice (you will get 600mm F11.6 with a 2x on - not ideal for Animals)

Actually, as you have the 100mm macro, I would leave the 50-135 at home probably go for

12-24
24-70
100 macro
and 150-500 sigma.
Also as others have said, get a second body (either new or second hand), such as a K200D, a 6MP body(DS thru to K100D super), K10D or a K-x(new of course)

Buying a 150-500 and a second body will probably cost about the same as a new Bigma or 60-250 anyway.

Personally I would get the 150-500 and a second hand K10D (for the TAv mode to use with the Sigma)

Oh, and yes, a monopod too.

Like I say, my tuppence worth

Has anyone tried Mathers of Lancashire, in Bolton? Thats where I got mine on Saturday, and I think they may have another in stock.

Agreed Pentaxophile. Pentax lenses deserve SO much better

Look at this rumour as Pentax are about to announce a rival to the G-system, NEX, NX and Pen camera.

http://www.43rumors.com/category/rumor/

Well, it is not a surprise, as for money generating, these CSC cameras are where the makes need to be. (Nikon are also rumoured and have patented a system, nowt from Canon though)

However, will it be mirrorless? They have expertise in the tiny SLR market with the 110 system, so why not use that tech and have the same lenses? Of course a sensor is larger (thickness wise) than a roll of film, so maybe mirrorless is the way to go. But, and this is a but. use the 110 mount, use the old lenses, and bring out new lenses, yet use the 4/3rds sensor. Keep the focal plane the same and voila!

The article says that it will be announced in March. Hmmmmm, when is Focus? Oh yes MARCH!!!!!

I am drooling at the thought.....

I have just downloaded the floor plan for 2011.

Guess what, Pentax have a stand. it is stand D9
It backs onto the Fuji stand.

Rejoice!!!!

I like that idea, especially if it makes the Whites Whiter.......

Oh yes! Canon users mainly with big beige bazookas on.
More fool them I say.....