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I think that's a decent price at launch. On paper and from the image samples I think it's exactly the p&s camera a lot of enthusiast togs have been waiting for. NEX-7 looks awesome but lenses are bulky and expensive. I have so much money and knowledge invested in nikon that I can't see myself jumping to another interchangable lens system, at least not for paid work. The x10 is a daily grab-and-go cam: no lens decisions, very light, but with the manual control I need.
I'm supprized its taken this long for someone to push sensor size a bit in the P&S market, looking at the X10 the lens hasnt become prohibtively large dispite having a decent range with a large max appature thoughout.