Several hours before the official press conference and product announcement of the Pentax Q (@ 13:00 Tokyo Time), the specs and product images are leaked, at the Photo Rumors and the Mirrorless Rumors:-
"The Q represents an evolution in interchangeable lens digital camera design, featuring the world’s smallest and lightest body. Experience the PENTAX Q. The Camera. Evolved.
Q-Mount Lens System
The Q features the newly designed PENTAX Q-mount lens system for convenient interchangeability with a variety of specialty Q lenses. Choose from a selection of prime, zoom, fisheye lenses, and more to suit just about any photographic need.
Enjoy exceptional image quality in 12.4 megapixels courtesy of the Q’s 1/2.3 inch backlit CMOS image sensor. Capable of producing 12 bit DNG RAW and JPG images, the backlit CMOS sensor is a highly efficient light-gathering instrument designed specifically to produce very low noise at high levels of sensitivity.
Though extremely compact, the Q is also surprisingly durable, sporting lightweight, scratch resistant magnesium alloy covers.
Traditional DSLR Shooting Modes
Experienced photographers will enjoy the power and flexibility of traditional DSLR shooting modes such as Program, Aperture/Shutter Priority, and Metered Manual exposure control. Yet casual shooters will appreciate the highly convenient automatic modes such as the set-it-and-forget-it PENTAX Auto Picture and 21 scene modes.
Customizable Quick Dial
Conveniently choose from a variety of creative modes, Smart Effect options, or camera settings to assign to the Q’s Quick Dial located on the front of the camera. Easily customize the setting or effect using the Quick Dial’s 4 positions, allowing you to concentrate on photography without having to explore the camera’s menu system.
In-camera HDR capture mode shoots 3 images of varying exposures, blending them to bring out the details in even the darkest shadows and brightest highlights of extreme contrast shots.
1080p HD Video
Shoot high quality motion video with stunning full 1080p HD clarity at 30 frames per second. The Q efficiently processes the full HD video using high quality h.264 compression for superior color and detail. Explore creative video effects through the use of custom image modes, digital video filters, and interval shooting; or select from a variety of Q lenses to realize your perfect artistic vision.
Sensor-Shift Shake Reduction
Capture stabilized, blur and dust free images even in low lighting courtesy of the Q’s sensor-shift Shake Reduction system with integrated DRII Dust Reduction. Body-based Shake Reduction operates independently of the Q’s lenses, allowing the same level of stabilization regardless of lens selection.
3 Inch LCD Monitor
Easily capture or review images and video using the Q’s large 3 inch LCD monitor. The high quality LCD features HVGA resolution with 460,000 dots, as well as viewing angles up to 170 degrees horizontally and vertically.
Capture even the fastest action with a 5 frames per second continuous shooting mode, ideal for sporting events, children at play, or any fast action situation.
Bokeh Control Filter
Enjoy effortless bokeh control with the Q’s bokeh control filter. Traditionally controlled through a DSLR lens’s aperture, bokeh is the out of focus part of the background that helps to emphasize the subject, drawing the viewer’s eyes to the most important part of the photo. The Q assists the experienced and casual photographer alike by offering a fine degree of extra control over image bokeh via an in-camera filter operation.
Smart Effects Mode
New Smart Effects modes enhance digital photography by applying a series of effects to images to achieve high quality finishing. Brilliant Color, Vintage Color, Warm Fade, Bold Monochrome, and Water Color are just some of the Smart Effects available, which can also be assigned to the Q’s Quick Dial.
USER Modes For Creativity
Powerful USER modes allow the creative photographer to save a series of favorite camera settings, filters, and custom image modes for instant reuse.
1/2000 to 30 Second Shutter Speeds
Shutter speeds range from 1/2000 to 30 seconds, perfect for freezing fast action or capturing long nighttime exposures. Bulb mode adds flexibility for low light photography and motion effects.
Built-In Popup Flash
The Q’s built-in popup flash adds the perfect amount of extra light to an image, while its high extension naturally reduces the redeye effect common to compact cameras. The Q’s flash is effective to 23 feet at 200 ISO, and covers a wide angle 28 degree field of view.
A built-in micro HDMI port is perfect for outputting high resolution images and video, with sound, to modern HDTVs.
SD, SDHC, and SDXC Memorey Cards
The Q is compatible with the latest generation SD, SDHC, and SDXC memory cards for ultra-high capacity storage as well as outstanding image file portability.
RAW File Processing
The Q includes SILKYPIX Developer Studio 3 software for powerful and flexible RAW file processing. In-camera RAW image development is also supported.
External Viewfinder Available Separately
Compose images and video either with the Q’s LCD monitor or using a shoe-mounted viewfinder attachment available as an optional accessory. The External Viewfinder O-VF1 makes an excellent accessory to the Q, offering outstanding compositional framing, even in the brightest sunlight where viewing an LCD screen is traditionally a challenge."
Here is also a 1:1 size comparison to the Olympus XZ-1 from looking at the back:-
The Pentax Q is to be Announced on June 23rd