Yes, my two PENTAX K-5 also feature a time-lapse recording.
However, I would not want to miss the part.
Timelapse recording - camera (s) on a high tripod - "Info" on one (for any change of speed / aperture / ISO) - and off you go.
The possible functions (despite Manual in English / Chinese) are indeed quite simple.
A quick test of receipt of the RC at: