There is a myth out there that the sensor is everything.
In reality there are a lot of components that determine the image quality of the final product of a camera system. You don't take a picture with a sensor. You take a picture with a camera
system. The sensor is definitely important, but it's just one of many components.
Here is a partial list of the Image Quality Chain:
[Lens coating > Lens elements/design > Aperture blade design > internal body coating > microlens size/shape > Anti aliasing filter > IR filter thickness, rolloff and cutoff characteristics > CFA design > sensor photo well size/design > sensor read-out (heat-sinking and/or active cooling very important here) > A/D converter type/quality > A/D converter control parameters > (read-out of black calibration file from sensor recorded as adjunct to the image) > debayering algorithm > color profile > deconvolution / detail finding algorithm, noise reduction based on black calibration file > noise reduction based on image data > sharpening.]
Yes, the P40+ and IQ140 have
identical sensors. Likewise the P65+ and IQ160 have identical sensors (the IQ260 has a different sensor as detailed in my article
IQ260 Sensor Story).
But they have
different firmware for control of the sensor, different heat sink designs, different A/D converters, and different black cal implementations. Consequently their performance is not identical. Phase One engineers are obsessive about getting the most out of a given sensor, and as they understand a sensor better (which has a learning curve and R+D time) and are able to improve other parts of the chain you do get more out of the same sensor.
Likewise you'll find that several manufacturers make backs with overlapping sensor selection. For instance there were many backs made with the Kodak KAF-39000 39mp sensor. But of those backs with identical sensors only one of those, the Phase One P45+, could exposure for up to an hour.
The overall sensor architecture/generation/performance of the 40mp and 60mp dalsa sensors used in the P40+, P65+, IQ140, and IQ160 are the same. This means they have the same per-pixel noise, dynamic range, tonal gradations, and color performance. So an P40+ and P65+ have the same per-pixel performance and the IQ140 and IQ160 have the same per-pixel performance. Of course having more pixels and a larger sensor helps in some image quality measurements like detail, tonal smoothness on a given subject, ability to achieve shallow DOF, and the size/intrusiveness of noise at a given print size.
All that said, your subjective use of "
much better at high isos than my old p40+" is stronger than I would advise a customer. I'd normally tell a customer that in most situation the performance of a P40+ is largely the same as an IQ160 except for the increased resolution. The differences between them largely manifest themselves in situations where the camera is being pushed to the limit and one is "breaking" apart while the other still has a smidgen more head room. Your use of "much better" makes me wonder if your P40+ firmware is up to date (they made progress via firmware upgrades from the release date up until a few years later), or maybe you mostly processed P40+ files in Capture One v6 and you're now processing IQ160 raws in Capture One v8 (which has better noise reduction, and also more pleasant rendering of noise/grain than v6). Or maybe you're judging noise based on a print of a given size, in which case the higher resolution of the IQ160 means that the noise at a given ISO is finer and less intrusive to the image.