All I would say is that on a 6x4in print, anything more than 2.2m pixels needs a magnifying glass, and likewise, a 10in print needs a very close squint indeed to see more than 6-7m. I have a five-foot wide print on the wall that looks pretty damn good to me at 10m pixels.
Of course, there is much more to it than this and as ever, all things are never equal (and lenses play a huge part). But I think it is true to say that some camera makers have demonstably gone too far in marketing-led high pixel counts - Canon G10 vs Lumix LX3 is a good example.
IMO, Nikon got it spot on with the D3's relatively modest 12mp, combining superb sharpness and amazing low-light performance, plus very fast shooting speed. Then they went and spoiled it with the D3x which despite it's huge pixel-count, is not any sharper but loses out on dynamic range at high ISO and has a slower shooting speed.
However, the buying public has got 'more pixels=better' firmly fixed in its mind so don't expect any change soon. For automative types, it's a bit like the bhp-vs-torque argument which has been running for decades
Richard.