Having no first hand knowledge here is my assessment.

Just due to the sensor being several Moore’s cycles newer than that K-3 or K-1, 
its raw performance will exceed even that of the K-1.  However, since the days 
of the K-5 sensor performance has been to the point that in anything but the 
most ludicrous lighting, the difference in performance will be much more of a 
bragging point than any visible or practical difference for the vast majority 
of photos.
The current K-1 will still have an edge on some ultra wide and fast lenses, 
being able to use more of their angle of view. It will also have an edge in 
using some film era lenses that just seem to subjectively work better at their 
designed angle of view.
There are certain features that the K-3 iii is missing, that I expect will be 
available on the K-1 iii, both for space and to differentiate it from the 
K-3iii, since there is a very small percentage of crazies that actually push 
their cameras to their sensor performance limits.

I am very interested in seeing what the placement of the 101 focusing points 
is.  I frequently find myself wanting to focus on something that is outside the 
area covered by focusing points.  My expectation is that there will be a 
tremendous improvement in both focusing speed and accuracy, but I can guarantee 
you that there will be a lot of people for whom this is not sufficient, and it 
wouldn’t be good enough even if it psychicly knew what to focus on and did so 
perfectly even before you knew what you wanted it to focus on.

There will be as many people complaining that it isn’t mirrorless as there are 
who appreciate the new pentaprism, and will use this as evidence of the 
imminent demise of Ricoh/Pentax.  Lather, rinse repeat for every new feature.

I suspect that at least part of the high ISO performance will be post 
processing rather than raw hardware performance, and this will be an issue for 
at least a significant percentage of photographers.  It will be interesting to 
see how configurable that will be. 

I predict that a lot of the reviews of the K-3 iii will comment on it’s stellar 
performance, and what a joy it is to use, and these glowing reviews will have 
little effect on the final sales numbers.
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