No, you are right. I've been experimenting with C1 tonight in anticipation of my Credo 60 arriving. I must say it's come a bloody long way since I used it in 2007! In fact, I'm pretty sure it will do away with my need for Photoshop at all as many of the tools are much better in terms of implimentation than Lightroom. For example, you can select a nodal / end point on the curve and press the up, down, left, righ keys to fine tune its placement, just like in PS. In LR, this is an exervise in insanity for me (unless it's been improved in LR5 / CC?) Anyway, there are other things that I'll like and I will need to retrain myself on the hotkeys and develop modules, but it's looking great!
Long and short of it, I think it pretty silly for Phase not to offer support to the S and Pentax 645Z. They'd sell more lisences that way and C1 might act like a kind of gateway drug to the bigger sensors and modular backs Phase/Leaf offer...