Just for giggles, another 4/3 to APS-C comparison:
Leica-Panasonic 45/2.8 macro on G1 vs. Nikon 50/1.8D on D300.
Spoiler: at f/22, both lenses deliver ~750 lp/ph (MTF-50) right out to the corners — just like the Olympus 50/2 and Canon 100/2.8 macros shown in the similar comparison above.
Conclusion: at apertures of f/11 and smaller, where diffraction is undeniably limiting, APS-C (1.4 or 1.5 crop) and 4/3 (or micro 4/3) sensors deliver effectively identical resolution and microcontrast, from center to corners. At wider apertures, where lens aberrations rather than diffraction are limiting, the results obtained depend on the specific lens used, and on the sensor density. The best results obtained with both systems are, again, nearly indistinguishable.
This is an even smaller difference than the already small difference predicted by theory. I don't know why this is the case, but one can compare many different lens/sensor combinations over at DP Review, and these general conclusions are remarkably robust.
With squarish aspect ratios (4:3, 5:4, square) there is in practice effectively no difference at all between APS-C and 4/3. With wider aspect ratios the APS-C systems should have a slight advantage (roughly 12.5% for 3:2 vs. 4:3) across the long edge of the frame.
It will be interesting to see how well these conclusions hold up at wider apertures (say, f/4), as pixels continue to shrink on cameras like the 18 megapixel Canon 7D and the projected 15 megapixel 4/3 and micro 4/3 cameras that many of us expect will be released this year.