[Rover]

If I had to guess I'd say that we are going to see a low-budget-priced Alpha 5 very soon.
Sony has been enjoying a high-margin situation for long and with the slow death of their APS-C lineup they could start the high volume game in the FF segment - hurting all newcomers.

(Note: Sony is not my preferred system at the moment)

They don't need to make a lower priced body: you can get a Sony A7 for $800 on BHPhoto, $1000 with a lens, or a A7II for $1100 (with IBIS). This is how Sony seems to be working at the moment, with the A7 and the A6000, and I expect the rest of the industry to follow suite eventually: last year's mid-range camera is this year's entry-level camera. It makes sense in the digital camera paradigm (bodies are disposable) and it also helps control the over-production problems.

What would you cut to make an A5 anyway? The viewfinder? The IBIS? It would still cost more and be less interesting than a first generation A7.

That said, I simply have no confidence in Sony's ability to make great lenses, and the size of the FF lenses make no sense on a mirrorless body IMHO. I'll be sticking with Fuji for now.

Yeah, I agree.
The A7 II is a great camera for the price. Unbeatable value if one is interested in FF.
Now, Sony could be interesting except that they have major holes in their lineup. For instance if you're looking for a small package overall, the choice is weak:

• The Sony 50mm f1.8 sucks. The Zeiss 55 f1.8 is too pricey for what it is and the bokeh is not great. The Sony 50mm f1.4 is huge.
  
• No 35mm f1.8 or f2 lens. The 35 f2.8 is way overpriced and too slow to start with. The 35 1.4 is huge.
  
• No compact prime < 28mm (24? 20?)
  
• The Sony 85mm f1.8 is okay.
  
• The Sony Zeiss 24-70 f4 sucks.
  
• The Sony 70-200 f4 is descent but big.
  

Fujifilm for instance, is much more interesting system.

The FF nuts will not touch the Fujifilm X system with a ten foot pole because no FF = no deal for them.
I guess it makes sense for Sony to release a "reheated" A7 with some of the updates that appeared later thrown in - similar to how the Canon 6D was a "reheated" 5D Mark II slightly shrunk down and with a few new tricks thrown in.