I'm somewhere between arrogant and feckless.
Arrogant: We're the big dog, and you'll take what we give you!
Feckless: What are we going to do about this aging 5D2 in our lineup? Let's throw this cheapie at it and see what happens.
This is not a camera for photographers. It's a camera for people.
Someone at Canon has put his career on the line to bet on the young, social media generation having a lot of discretionary income and willing to carry a DSLR around to show up their iPhone buddies.