I'm not disputing it's a very good camera. It tests nearly identical to the D800 according to DxOMark, which is very impressive. I know it's been out for a little while, but not that long. It's the price point for what's on offer that I'm a bit perplexed about.
The lack of a viewfinder is, to me, very strange. Shooting at arm's length off the LCD isn't compatible with the highest image quality due to greater potential for camera shake, although it does have stabilisation but that's not a silver bullet.
Luke, I think you may be right that the real driver of the price is the lens.
Michael, are you using it with or without a viewfinder in the shoe?
Erik is right, I don't think, although it is small, it can be considered pocketable, despite Sony's description. The RX100, to me, makes a little more sense. It is, truly, pocketable, it's got a good lens, apparently performs well and is much more reasonably priced. But, again, no viewfinder and no shoe to put one in.
Part of the reason I asked as well is that I'm looking for a decent quality compact, so both the RX1 and RX100 came onto my radar when I started looking.