Good glass costs. Having said that, I still ended up with more than £1000 in my pocket when I sold my FF system to buy micro 4/3 (and I sold
second hand and bought new...).
It does measure the camera/lens combo - by definition. It just divides by the height to give you a measurement you can use to get a sense of how different camera/lens combinations perform against each other. My point was simply that some micro 4/3rds lenses outperform the full frame offerings available by a significant margin and this goes towards compensating the sensor size difference.
People seem to be "arguing" with me as if I'm claiming micro 4/3 is the best thing since sliced bread and beats FF hands down. I'm NOT saying that.
What I am saying is that it is better than you would expect from the sensor size alone due to the availability of very, very good lenses for the system.
That's not a bad summary IMHO.
In
theory, there is equivalence between formats. For example, shoot on a 20mp full-frame camera with a 50mm lens at f/2 at ISO400, and then on a 20mp M4/3 with 25mm f/1.0 lens at ISO100 (same shutter speed on both) and the images would be identical in terms of framing, depth of field, noise (same total light/photon capture having dropped the ISO two stops).
For sharpness to be equal, the M4/3 lens has to deliver double the resolution at the same MTF level, which is a big ask, but there is also some equivalence in lenses where designers can play swings and roundabouts and trade things like maximum aperture with format coverage, or MTF level against zoom range or cost. It is much easier to make a high quality f/1.0 lens for M4/3 than it is for full-frame as the sensor has only one quarter the image area.
In practise, it doesn't quite work out like that, but it's getting there. We haven't seen a 20mp M4/3 sensor yet, though we surely will very soon, and while some lenses designed specifically for smaller formats are exceptionally good, they are not twice as good yet. Andy cites the Olympus macro and that is certainly extremely sharp, I've also been mightily impressed with Nikon's 1-series optics too. There's a camera that punches way above its weight.
In future, we will see the gap narrowing further for sure, as huge development resourses are being invested in smaller formats, in direct relation to consumer demand and therefore business return. It's interesting to bring medium format digital into this, which should, in theory, have a big image quality advantage, but the Nikon D800 for example has almost got its measure. The problem medium format has is low market demand and nobody has invested in new sensor design for many years. Most medium format lenses are old film designs too, that doesn't help.
My view is that full-frame will always stay ahead in terms of ultimate image quality, simply because the larger sensor gives it such a head start - and there is also a lot of development investment going into FF. It's a bit like, if you want a fast car, start with a big engine. But then if you slap a turbo onto a smaller engine, suddenly the game changes - until you pop a turbo on to the bigger engine

You then come to the question, not which is fastest/best, but how fast do you need to go?
ps Pookey, try fitting that Schneider large format lens on the Nikon D800 - it won't be rubbish for sure, but it won't be as good as the best lenses designed for FF. I find kitchen roll cores and gaffa tape handy for this kind of thing
