It's not true that a dedicated video camera is always better than a dSLR, it just depends on price point.
For example, any entry level dSLR will crush the video quality of a camcorder in the same price range. The large image sensor of a dSLR will just destroy it, especially in low light.
Even if you move up the chain to 1,000 - 1,500 US dollars it still holds true. You'll need to spend at least 3 thousand for a 3 chip camcorder, or a black magic cinema camera before things start to turn around and go the other way.
The time limit of first and second gen dSLRs was the result of heat issues. But that's no longer true. Now pretty much all the 2012 dSLRs and dSLTs have 29 minute time limits, and that's to avoid the tax that some cameras will get slapped with when imported to certain countries and for some it's a 4GB limit based on the codec being used.
Moving on, let's talk about the 2 cameras you have listed. Both good, each has its pros and cons, but the most important aspect of any camera, in my opinion is the image sensor. The K-01 uses a superior Sony image sensor. It's the 'sweet 16' that's killing everyone lately.
That image sensor is used in the Sony A580, Pentax K-5, Nikon D7000, Sony A57 the new Pentax K30 and it appears that the new Leica X2 uses it as well. The only downside to the mirrorless options like the Pentax you are looking at is that it loses the fast phase auto focus when shooting stills, so sports and fast moving things will be tougher to capture.
If' it's not your main focus, go for the pentax K-01, also look at the new K30, and the best for heavy video shooters hands down is Sony's A57, it can do things when shooting video that no Nikon or Canon can do, at any price.