True. I've printed some A4 images from my old Minolta Dimage 7i from 1600 x 1200 files (2 MP) just to see how they would turn out. They were fine, with good detail. I also know a couple of PJs who've blown up the 4MP files from Nikon D2Hs to poster size succesfully, assuming you maintain proper viewing distance. I think the lens, exposure and sharpness are more important than sheer resolution, within reasonable limits.
More MPs probably make it easier, and give more scope for cropping, but then we can get into the debate about sensor size, pixel density and noise, and I'd rather not because I don't fully understand it!