Hi,
In my view there is no way around the fact that a larger sensor can collect more photons and offer better MTF of for a given size of detail. Now, DSLRs may be more refined than MFDBs in several areas. Let's not forget that DSLR makers nowadays are powerhouses of electronics, at least Canon, Sony, Panasonic and Samsung but even Nikon is a giant compared to Phase One or Leica.
Depending on shooting situation either system may be preferable. But it's quite obvious that in an optimal setting MF can play to it's strength.
On the other hand I don't really think there is some magic behind MFDBs (except the photographer, of course).
Stitching is not always possible. Some programs, like Autopano Pro, are good at handling things that move but water and waves are still difficult. On the other hand, stitching is always an option. My gear fits in my pockets, except the camera, of course.
Would I buy an MF system I would be concerned about lack of live view. I'm certainly concerned about not having it on my Alpha 900.
Best regards
Erik
Probably so if your sole criterion for "demanding applications" is higher resolution/sharpness/detail in a single frame than the D3X, A900 or A850 give, but there are many other demands in professional and serious amateur photography (like anything involving high speed, be it high shutter speed or high frame rate or even just fast changes of focal length between shots), and some of these are handled far better by DSLRs in 35mm format, or even smaller.