It's only important to use the given sensor-size efficiently: designing a compact body, SLR-system and lenses for this sensor-size. That's why so-called full-frame-systems are superior to crop-solutions, not necessarily because of the larger sensor itself, but because of a whole system which is designed to match this sensor-size perfectly. On the other side, you and your clients have certain requirements regarding IQ/quality in print and Leica seems to think that recent state-of-the-art 33-40MP-backs deliver enough megapixels to begin with (new sensors will achieve higher resolutions anyway) and so they asked Kodak how far they can push the pixel-pitch today (6µm as it seems) and then calculated the necessary sensor-size.
Of course a bigger sensor has advantages regarding IQ, but the cameras/systems will always be bigger and I don't think any of these lens-designs (like the 2.5/35mm) would have been possible (not at this price with this IQ and size) with an image diameter of 70mm (645) instead of 54mm, you would have propably lost a stop of lens-speed and less DoF so you'll have to push ISO again and at one point, you're turning in circles - so it's always a compromise - otherwise we would all end up with 8x10"...