@ Chuck Alaimo
I hear what you're saying, it does not gel with me either, new features that all appear to be compromised or held back in some way and your analogy that it would look like a FF Rebel is certainly not lost on most people here, but look at the 5D3 vs D800 specification talk prior to official launch -> nobody had the 5D mk III sensor pegged at anything under 27MP, plus the price talk was centered around $2900 and not 20% above that level (the actual outcome), yet it happened anyway.
Personally I hope this camera with this spec list does not materialize, but try and look at it from Canon's perspective:-
(1) they cannot launch a budget FF camera that has a higher MP count than the current 5D3 (the 1DX is different as this is all about sports/action/paparazzi etc.) so that really limits the megapixel count of the sensor
(2) Canon are prepared to use the new DIGIC5+ processor, big ISO range (100 to 25,600), reasonable fps etc.
(3) Keeping the shutter speed and flash sync rate similar to what Rebel users are already used to as well as allowing them to re-use their existing SD memory cards
(4) an adequate AF system that is better than the standard 9-point system that most crop sensor camera users are presently used to
(5) pricing it a couple of hundred bucks more than the current 7D (or old 5D2), because it will be a new FF sensor camera
Most of us here on this forum are looking either backwards (from a 1D, 5D or even 7D perspective) or forwards from a Rebel or xxD viewpoint (tainted by the aspiration or desire to one-day own a FF body with all of the extra features found in the xD series), whereas Canon are just ticking boxes, plus prioritizing those boxes as they see fit (from a marketing perspective as they wish to sell the optimal quantity) to satisfy the masses.