Hi Mark,
Sensor size is certainly one of the main reasons why photographers switch to medium format. The increase in physical sensor size does several things, one of which is the decrease in depth of field and increase in what you'll hear many photographers refer to as a "three dimensional" look.
If you've just taken an image with a full frame 35mm dslr, you'll have to move physically closer to the subject to get the same field of view with a medium format camera system, or use a longer focal length. This requirement in both scenarios directly results in a more shallow depth of field, which is extremely desirable in portraiture. Regarding architecture and landscape, the larger sensor means that you'll be able to take greater advantage of wide angle lenses, as the sensor takes up more of a given lens's image circle.
The larger sensor also gives manufacturers more real estate to work with, thus resulting in higher resolution cameras. The resolution benefit is a personal question you'll need to ask yourself. Do you really need x megapixels? Are you printing extraordinarily large? For myself, I rarely print to a very large size, but I still want the benefit of the large sensor. As a result, I'm a fan of the digital backs with full frame sensors, but have a smaller megapixel count like the IQ160/360, Credo 60, P45, P65.
The nice thing about the IQ160 and IQ360 digital backs is that they are CCD backs which have incredible detail at low ISO (they suffer from excessive noise at higher ISO values), but also have the ability to use Sensor + technology to combine 4 pixels into, effectively, 1 pixel. This reduces resolution by 75% but gains ISO performance while still using the entire sensor and gaining speed. With a 60 or 80 megapixel IQ back you have the choice of high resolution, low ISO photography, or lower resolution high ISO photography. Note that not all CCD backs will have the ability to use sensor +. Only Phase One IQ digital backs with CCD sensors have this ability. 50 and 100 megapixel backs do not have sensor + functionality, but then again aren't needed because their ISO performance is excellent regardless of their resolution.
As far as crop sensor medium format digital backs like the 50 megapixel IQ150/350 on the Phase side, these backs are still significantly larger than full frame 35mm cameras. While the sensors themselves may not be as large as other full frame medium format backs, these crop sensor backs still get to take advantage of excellent medium format leaf shutter lenses, the modular freedom medium format affords, greater dynamic range, and far superior RAW files.
P45 - 49.1 x 36.8mm, 39 MP
P40+ - 43.9 x 32.9mm, 40 MP, "better" colours (so I read)
The example you give above pits two different sensors against each other: one being the Kodak sensor of the P45 and the Dalsa sensor of the P40+. Each have their own strengths. The P45 was the last digital back in Phase's lineup to have a Kodak sensor- the later CCD sensors were made by Dalsa and the CMOS sensors by Sony. Sensor size itself does not directly effect color- but rather the type of sensor and RAW processor. Leaf is known for their color rendition especially skin tone. If ISO performance is of great concern, CMOS sensor backs like the 50 or 100 megapixel will be your best option. Otherwise, like I mentioned above, you could elect to use a CCD sensor with sensor +