But the EM-5 also looks like a DSLR.
The K-5 is an excellent camera. If I was going for a dslr it would be a top contender and honestly, I think it beats or is the equal to the E-M5 on almost all accounts. But it is bigger and heavier, and the lenses for it are bigger and heavier. Also, it is a dslr and it looks like one. For me, part of the appeal of the E-M5 is not having to be "that guy" who brings a dslr. I can take the camera without a grip and with a couple of primes without being conspicuous. And I can take the camera with the grip, flash gun and big zooms when I need to do that.
From an outside point of view, I think Pentax is doing the right things with their camera lines, and I'm a bit confused that they're not doing better in the marketplace than they are, but I must admit I've never done more than a few test shots with a Pentax camera, so maybe I've missed something.