This is IMHO a very interesting question, and leads to a general principle that might be called "depth of field invariant image quality".
A 35mm normal lens ~45mm at f5.6 will give the same depth of field as a medium format normal lens ~80mm at f11, and as a 4x5 ~150mm lens at f22. If you take three images on ISO 100, 400 and 3200 film in the three formats with apertures adjusted to equalize depth of field, your shutter speeds will be equal, your field of view and perspective will be equal, and I believe your image quality will be approximately equal as well-- grain, tonality, sharpness, etc.
So if you adjust aperture to equate DOF across different formats, and make the necessary adjustment in ISO to give equal shutter speed, the image quality will be roughly equivalent. The perspective, DOF and motion blur from the shutter will be equal and the images will be, in rough terms, identical.
This can be extended to digital. A Canon S95 at 10mm f2.8 and 7D at 30mm f8 and 5DmkII at 45mm f11 all have the same DOF. If you shoot at ISO 100, 800 and 1600 respectively to equalize the shutter speeds, I believe that again you will get approximately equivalent image quality, and thus (roughly) identical images.
If you go along with all of this (I pretty much do-- it's one of two main reasons that I stopped shooting medium format, along with the fact that a large number of my favorite images were shot on delta 3200 in 35mm format anyway, and an even larger number have the characteristic that image quality per se plays almost no part in the strength of the images) then you can translate image quality to an f-stop scale. This allows one to say, for example, that digital color is about 2 stops better than film color but digital color converted to B&W is a stop or two behind B&W film.
True digital B&W without bayer demosaic, without anti-alias filters, without color filters on the sensor elements, etc. would be in a different league entirely, but the camera manufacturers don't seem to see the opportunity there, and that's a subject for a different thread anyway!