I would have thought P5 files would only be incompatible with Daz Studio only if it includes P5 features such as P5 hair, dynamic cloth, animated textures, etc. As time goes on, more and more people will be using these things in their scenes, so Daz's target market is decreasing the more they delay releasing. Of course, if they release a buggy product, they'll be blasted- esp. as we've been waiting so long for it. My impression from what I've read about Daz Studio is that it will try to take Poser forward from version 4 but in a different direction that Poser 5 has taken. The big question is will Poser 5 users want to take a sideways step to DAZ Studio. It also means, in my opinion, that Daz Studio will not be complimentary to Poser 5, as some here have stated, but a competitor. I look forward to the release of Daz Studio and seeing what it can do, but until then it's only software we can talk about, which is what I call vapourware.