Yes, it's more a 70d (my guess $1400+, iif it even exists) equivalent ... but disappointing? For $1200?! Starting Price! This is so economical I first thought it would be a typo - probably that's why Canon will expand the ff route like their CEO recently said, more money to be made in the high-end enthusiast's segment. The only positive news for Canon: The d7100 will be sold out for months, so Canon will have some time to counter.
i GUESS it is pretty hard for nikon to sold out d7100 as soon as they want since nikon users already hear about the rumors of nikon d400