This may ruffle some feathers, but take off your partisan hat and take in my argument before you just reply without knowing WHY I say this. I'll keep it as simple and brief as I can. The Bottom Line Fujifilm needs to create a complete camera system in a timely manner to really grow and most importantly: they need to make money. They currently have an incomplete and occasionally frustrating system. Furthermore, they have created a reputation and more importantly an EXPECTATION that they will continue to evolve existing products quickly, even obsolete ones. That takes resources. The Flawed Assumption If you don't make a full frame compact, you're not a "player" in the market and you won't be part of the "next big thing". The Practical Problem Fujifilm will have to divert resources from developing the APS-C universe they've created which is far from complete. Look at the delays on lens releases already -- you can only develop so many new products at once. I'm sorry but I was in manufacturing and whether you like it or not resources are FINITE. Think about the team it will take to roll out a whole new system -- especially the lenses -- in a timely manner. Do you really believe that it will NOT take away from development of the rest of the lens infrastructure for the APS-C systems? It will. Many took issue (including Rico) when I criticized the X-A1 and I still think it was unnecessary and doesn't do much for Fuji -- but it's not a disaster, just a waste of resources. That's the price point the X-M1 should have been released at, IMO. The Existing System Still Needs A normal and tele CONSTANT APERTURE zoom, weather sealed of course Some fast tele primes The ultrawide zoom and 55mm released ON TIME as announced, and not delayed Evolution of the APS-C infrastructure -- i.e.: the existing cameras still need refinements (X-E2 is a great start on that though) Final Thoughts This is a business decision and it is Fuji's to make. But I think the clamor from people saying Fuji should make a full frame comes mostly from folks which won't buy it. It would have to be much pricier, and would it attract so many buyers? Especially if it's released without lenses? And is all this just to compete with the likes of the Sony A7's and Nikon Df's? Why? We don't even know if those systems will really make money in the long term (though I suspect they will). For a long time, mirrorless has been overpriced. Not recouping your investment in system after system is a recipe for eventual failure. It's much like here in America where we borrow SO much money from China faster than we can pay it back. There has to be an end to that, and it won't be nice. Fuji is wandering down that same road in my opinion by stretching too thin too quickly.