If I read your post right...
Sensor size doesn't have as much bearing on the final print, until you go really large and with a lot of megapixels. The larger the sensor, the shallower depth of field and the pixel density on the sensor is usually lower.
...then I am curious to know what you consider "really large with a lot of megapixels."? Because, from how I and the rest of us understand it, sensor size is important regardless of pixel count. The sensor size has about as much to do with depth of field as the memory card size. There are nothing but photo-quality advantages with a larger sensor. The only real drawbacks are expense, battery power consumption, manufacture, and camera body size ie weight. A 6MP D-SLR will take far better photos than say a 10 MP pocket thingie.
There is a reason why they put the bigger sensors in the bigger cameras. Other wise, what would be the point if it was all of no consequence.
The principles that effect a good photo are simple:
1. The more light through the lens, the better; aperture/lens size.
2. The larger the light capturing medium, the better; film or sensor
3. Composition; Exposure? Flash? Focus? Shutter speed?
Assuming you get the composition part spot on, you cannot deny the physics of it. You cannot refract down light but so much to fit on a small sensor without inheriting noise. More pixels on a sensor just means smaller pixels if the sensor surface area does not increase. So a small sensor and smaller photo receptors that fit on the small sensor to accomodate a high megapixel count does not equal quality to me. Sure, the picture will look fine on the camera's LCD or maybe even a thumbnail but when its time to print that bad boy..., all print sizes being equal the larger sensor will look better.
A larger sensor captures more light, so there is less noise because the software does not have to interpolate what didn't land on the sensor. This is valuable when it comes to photo editing like enhancemments to remove scars or blimishes, or when air brushing, etc. The less noise you start with the less you'll have at the end of the production.
Just my opinion though.