It doesn't have to be less than the D7100 to compete with it- I'm guessing $1400 so it's "within reach" of the D7100 and can be kitted with a couple of lenses for under $1800.
I am surprised that nobody so far has asked the big question about the 70D..... Does the mode dial go all the way around?
It definitely looks like it locks!!!1!!1!one!1!
the quality of the new sensor will be the key!
i´m a long time canon shooter, but couldn´t help myself to recommend a friend, who was looking for a good midrange body to go with nikon. nikon´s sensor quality is so much better at the moment. from 14ev dynamic-range to 3/4 ev more in high iso. autofocus is better anyway...
but let´s hope, that canon is done with "oldtimer"-sensor technology.
at least I am sick and tired of waiting for a competitive sensor.
My 2cents for 7D II:
1. 1D X AF system
3. Solid body, similiar to 5D III
3. wife etc
4. ISO same as rumor 70D or a bit better
5. Sensor technology same as 1D X or 5D III - crop size with Dual DIGIC 5+ Image Processors
6. More poweful battery