First of all, I'll declare that I'm a Pentax DLSR user already, though I don't have this model. I have used: *ist DS, K10D and K20D. I would be interested in this model as a slightly more portable alternative or addition to my K20D.
Martin, I would go for this instead of, or as well as!, a compact or bridge camera for the decent optical viewfinder (that lets you see through the lens) - that many photographers find vastly more satisfying to use than a LCD or EVF - as well as the ability to use any of dozens of lenses to add a lot of interest to your photography. You don't HAVE to change lenses though. You could use a superzoom to cover a wide range.
DSLRs tend to be better as well in terms of ergonomics and speed of operation, and image quality. This model might be relatively slow for a DLSR, but still it's going to be quick compared to a compact. By the way, apparently this model takes less than a second to start up, rather than the three seconds claimed in this review. I suppose you can interrupt the spash screen.
The price is a little high at the moment, I think, but it's bound to come down during the next few months. Meanwhile, £50 Cashback from Pentax is available now.
Re the AF points: Lack of focus point indication is only an issue when using the Auto selection mode. In manual mode, there is only one focus point (centre). Actually a lot of serious users of cameras with multiple points just stick to the centre point anyway. So it is not a major flaw, it is something you can live with quite easily.
A movie mode would be a fun bonus, but not at all important for this kind of camera. Live view also isn't generally important either, but can be useful sometimes (K20D has it).