This is an interesting read...
http://www.luminous-landscape.com/reviews/kidding.shtml
and it backs up my own little experiments both on screen and to A3 print.
What I've found ties in with what we've seen on this forum before and what I've read in similar write ups to the linked one at LL.
What I've found is that with good lenses and when shots are processed to get the best out of them I can't reliably see any significant difference in whole image shots taken at low to middle ISO settings between MFT, APS-C and FF and what's more the people who have played my little challenge couldn't reliably tell them apart either.
There's a temptation with FF to use longer lenses and reduce the camera to subject distance to produce a "FF look" but it's mostly down to DoF invho and when the same tricks are played with APS-C or MFT (and yes, you can easily get shallow DoF from MFT) people using DoF as a clue get confused very quickly.
In higher dynamic range shots, at the highest ISO's and when pixel peeping at 100%+ or printing the size of a barn - or doing very heavy crops - of course the larger format will always do ultimately better but the question should include considerations such as...
Do I shoot high dynamic range shots all the time?
Do I shoot at the highest ISO's a lot?
Do I do very heary crops?
Do I produce prints the size of a barn?
If you do those things then the larger the format the better, but you then have to think about how you use the kit... try handholding a large format camera on a windy beach
IMVHO if you shoot mainly at low to middling ISO's, crop only slightly, produce prints to a max of A3 (and some people don't print
at all) and can avoid pixel peeping at 100%+ then you should be able to produce images with APS-C or even MFT kit that can easily get lost in a pile of FF prints or screen images.
Producing A3 prints just to test the theory is an expensive thing to do

and it's a process I probably wont be going through again but viewing those prints and on screen images has convinced me that in many situations and for many shots I can see no significant difference between the MFT and FF cameras I own and the APS-C I used to own

Gotta remember to use good lenses and good technique and process shots to get te best out of them though.