Okay, so let's make a subjective analysis of this concept from a video shooter's perspective:
The Good:
Canon clearly saw an affection for using small handheld DSLR-type bodies for video production, they saw that in their 5DII, 7D, 550D days up until now where manufacturers are making such designs and being successful in the video area (GH4,A7s,NX1).
However there were a few frustrations with the DSLR design when used for video:
These frustrations were mainly: lack of EVF, reliance on small fixed LCD for focus, lack of focus and exposure assist features, and lack of the video desirable upward rotatable handgrip, and the overall main design of having too many stills-oriented buttons that have no function.
All of these aspects seem to be adressed in this new body.
The design is lovely, that's my opinion as a video shooter.
There were other frustration with DSLRs for video that are not body-related: mainly the lack of sharpness (line-skipping) and severe aliasing/moire, both of which we don't know whether they've been fixed or not, but at 4K resolution they probably are.
That's the good: they took a 7D/5D and eliminated all the video-related nuisances.
-The bad,
Choice of sensor size and lens.
Video shooters put up with all the previously mentioned quirks for two reasons: 35mm depth of field, film look, and ability to change lenses. So Canon fixed the design quirks BUT removed the actual main attractions of the system as well!
-The choice of 1" sensor size will drive away most film/movie/cinema shooters who want the s35 (APS-C) standard to give the desired film-look.
Some of them would have put up with this issue by using fast lenses, or speed boosters and such but,
-They take it even farther and give it a fixed lens, one with very deep depthof field (F/7 to F/11 equ.) so the camera will have a ''video'' camcorder aesthetic with deep DOF.
These two decisions will drive a huge number of video shooters away, those who shoot ''beauty, films, movies, music videos, etc''
So that's the bad, the choice of sensor size and lens speed (fixed)
Now: Where it fits, who will make use of this combination
Those who shoot video, as in documentary, news, events, weddings, TV programs, and such,
this camera will be a dream-come-true for that type of video market as a small, well designed, video featured body, with a single all purpose 24-300mm lens, YET with still a reatively large sensor, 1'' is the sweet spot here as it offers easy usable AF, aesthetic, yet with better lowlight performance and shallower DOF than normal video cameras.
Conclusion: it will work for a specific market, ''video shooters'' but not for me, not for people who use FF/S35 sensors and interchangeable lenses, filmmakers in general, so it's not a successor or an attraction to the previous 5D/7D DSLR video shooter, not a competitor for the 5D, C100, C300, GH4, NX1, A7s, FS100, FS700, FS7 type of user. But more like a competitor for the Sony rx10, AX100, x70, Panasonic FZ1000, XC1000, and to every traditional small-sensor small camcorder designed for ''video'' work including Canon's own XA100. In other words, not a very exciting punch. This is not a cinema camera. So not for me.