I will just repost what I wrote in the dpreview forum.
I think it looks good and is a good upgrade from the R7 or older cameras. As this is the budget line for Ricoh they do not need to reinvent themselves every time and they have consistently improved the series. The controls got better with each generation and the handgrip is a nice addition as it will improve the handling.
Also looking at the pictures the camera seems made out of metal and much better built.
I like that Ricoh brings the R and G series closer together with the design.
No one honestly expected this to be a GX100 with a 7x zoom so there have to be compromises but at least from the design and controls it looks like the best R series camera so far. No more plastic and "cheap" looking. I hope Ricoh also re-used the old DB-60 battery (does not look like it from the specs now) so it will be a great complement for the GRD II.
IMHO the best R series so far judging from the design and homnestly the IQ should also be better, especially downsized at R4 level.
These features are IMO pretty interesting and should help it stand against the Fuji and Panasonic:
-High-resolution 2.7-inch, 460,000-pixel HVGA LCD (better than a squinty useless OVF)
- Square format photography (only Ricoh offers this so far)
-AF/AE Target shift functions provided (like to have this in the GRD)
One thing I want to mention i that it looks really cool, great new design and for me this alone would be worth the upgrade
.