See this pre-P&E China live report:-
http://blog.sina.com.cn/s/blog_628496d60100sg2f.html
(Simplified Chinese, Google English Translation Here)
At the Pentax exhibition booth, it is printed on one of the display descriptions that a new product is to be announced but it is covered. It is further reported that according to insider source, it was told that it would not be a P&S, but just something "more important".
We shall know what it is, very soon! :-o
Related:-
Leaked Pentax NC-1 Mirrorless Photos? (Body w/ Two Lenses)
More "NC-1" (the Pentax Mirrorless) Rumours
Pentax Mirrorless Will be Smaller Than APS-C? (for its Sensor..)