I work backward, starting with human visual acuity, said to be 1 arc-minute, or ~0.3mm/1m of viewing distance.
A 300dpi printer can lay down 0.085mm dots, you will have to get within 0.35m or ~1 foot to see such small dots, even if your eyes are that good.
Thus a jumbo print needs only 2Mp or so; an 8 x 10 needs 6Mp... 12Mp will make a nice 11 x 14...pixel for dot. Down-sampling makes smoother looking prints, depending on re-sampling algorithms available...bi-cubic is now common, and there is one more level beyond [well used in my field--aerial surveying].
I have also posted often that the mega-pixel war will come to a truce when sensors reached FF...now in Nikon D3X, M9, etc. No one will go beyond because lens image circles would not cover.
The only way to get more pixels into a 35mm FF is to reduce native pixel size...that war started at 12u [Contax], then 9, 7.2, 6 [24Mp] and perhaps 5u soon. Leica is in no position to start that war...entirely dependent on Kodak who is now at 6u.
If you apply this thinking to the 645 format, then 39Mp [Kodak] was the truce point...larger ones are now available.