Interestingly, DJI have just released information about their new DJI Mavic Drone, which appears to be able to beat the Karma on most things, including price!
DJI Mavic (YouTube)This one definitely works with both Navstar and Glonass (which people appear to be unsure about with the Karma), has a longer run time, a greater range, obstacle avoidance, and appears to be more compact.
The video actually shows someone with the drone in the back pocket of a cycling jersey, although I suspect that would be uncomfortably large for anything other than casual use.
They're quoting prices of around $700, which includes the built in camera, whereas the Karma needs an additional GoPro camera. Even if the normal dollars to pounds conversion occurs, it will still undercut the Karma, quite significantly.
Since neither drone is actually available to the public yet, it remains to be seen exactly how comparable they are, but it's certainly very good for the future development of cheap, portable and turn-key drones.