That's only 2.6x larger, not 10x.
For a notional wafer that produces ~200 1.6x sensors, it would yield ~77 FF wafers... if we assume all yield issues are the same, etc, then if a crop sensor is $500, the FF version is $1500. Of course, elements such as yield aren't the same ...
That's the problem; FF sensors are also much more likely to have a major flaw because of the surface area. And you're talking a circular wafer...square pegs in a round hole, not a matter of neat division. Look at how ridiculously expensive medium format CCDs are (granted, Kodak's yields are low and CCDs are expensive)--the cost of full frame is substantially higher. Of course Red is planning to come out with a 617-sized sensor--one sensor per wafer--but...I'm not holding my breath any for it.
I know nothing about video, so I have no idea how well this camera will suit the needs of today's videographers.
The missing features (raw video, clean HDMI out, 1080/60p) are super cool but mostly useless for the average professional videographer (because if your needs really justify them, you can probably afford to rent a red, f3, or phantom, and very few people really need them anyway), but a lot of people seem upset about their absence for whatever reason. The improvements (low light, a reduction in skew, improved codec, no more aliasing, headphone jack and adjustable levels) are universally extremely useful.
That said, it all boils down to real world image quality and the sample videos are very low resolution, inexplicably softer than the very soft (for 1080p) 5DII. The just-published stills are really soft, too. Kind of troubling...