If the HS10 delivers the goods in terms of image quality ?

We'll have to wait and see. It definitively won't be a competitor to APS-C cameras, but the 4/3rds might take a little bit of a hit, if it's what they've billed it out to be.

Three things that give me apprehension:

1. 30x zoom is a long reach. The usual rule for shutter speeds is 1/focal length, which the HS10 is 720mm. Even with image stabilization, you'll want a higher shutter speed in the longer shots.

2. If you want an external flash then the only way you can use it is in manual mode. There is no TTL in the HS10.

3. With the case with all the really long super-zoom cameras, they have a much longer shutter lag. The 10-12X ones aren't bad, but the 20x and up cameras seem to have much longer times with shutter lag.

Not likely. I have not used or seen review on this camera yet. But looking at the specs, I would think that this is a camera of a lot of compromise.

1. The tiny sensor usually means some compromise is made. Fujifilm has made some innovative sensor designs, but there is just so much clever manipulation can do when the light signal is weak. Reducing noise usually compromise details. Increasing pixel size will reduce resolution, or vice versa. That does not mean image quality will be poor. You can still have good image quality but not in every situation, depending on what compromise is made.
2. 30x optical zoom is going to have a lot of optical compromise, will doubt it will have good quality at the extreme ends. The complexity of the lens and number of components will increase, which will degrade image quality. When combined with a tiny sensor, image quality becomes further compromised. The optical quality will definitely be subpar to D-SLR/EVIL lens systems, but may not matter much to a nondiscriminating average consumer who is looking for a bargain and all-in-one compact package.
3. Response time is slowed down in low light action shots often because there is not enough light for the AF to lock in, so the AF keeps hunting for a focus. This is a major problem for PS and megazooms when the lens and sensor are both small, so there is even less light available compared to cameras with bigger sensors and bigger lenses. Why do you think that the pro sports photographer have such hugh lenses?
4. External flash or strobes are very important to the serious photographers, and a distinct advantage of D-SLR over many PS cameras, among other things. I'm not sure about the flash capability of this new camera, but usually not as flexible as D-SLR which can do multiple flash controls with variable/adjustable lighting ratios, or can sync with external strobes remote controls/commands.
5. My expectation will be that it may compete with other megazooms, but not likely be able to rival D-SLR or even EVIL cameras, at least for the more serious photographers. It may appeal to those who are unsure whether they want to step in the interchangeable lens category (and spend more), those who looks for a bargain all-in-one compact package, or as a backup camera for those who already have had a D-SLR but want something lighter for a day hike/trip.