There is certainly a market, Luke. I've been waiting for something like this and while the GR comes close, I'd prefer a 23mm or 27mm for an everyday lens over the GR's 18.3mm. Neither the lack of a viewfinder nor the f/2.8 lens bothers me. I don't mind taking photos with the DP2 Merrill in low light settings, but I'd like some color photos in my collection! I think X-Trans is the answer. Given that the rumors are accurate, this is a likely buy for me.*
*I'd also like to see what Olympus has brewing on a large-sensor fixed-prime front. If they release a similar product with a 17mm f/2.8, then it will be a tough decision.