Not really because by increasing the sensor size you are forcing everyone to buy a full set of new lenses.
What scenario are you talking about now? We started with a small sensor fixed lens compact camera, where the issue of a new set of lenses is irrelevant. There, the point is that for the same bulk and cost, a camera with one larger sensor and all the light going to the color sensor would probably do a better job than delivering only about 70% of the light to that sensor, getting worse color noise in low light situations.
But of you are talking about interchangeable lens systems
1) to do this with an SLR optical viewfinder requires at least two mirrors or beam splitters, making for a bulkier camera and as fad as I can tell, increasing the optical path length from lens to sensor, so requiring new lenses.
2) if done without an OVF, the now standard mirrorless single-sensor designs can be far more compact than if a mirror or beam splitter is needed. The Sony SLT cameras are in effect an example of the bulk added by a mirror, compare to the Sony NEX cameras.
P.S. on the argument that the multiple sensor and beam splitting approach has not been done out of sheer conservatism, staying with the current technology rather investing in a new better approach, I am skeptical for several reasons:
A. Panasonic, Sony, and Canon already have this technology, for video cameras.
B. Sony has used a beam splitter for different purposes in its SLT cameras, but using the space between lens and focal plane already there for SLRs.
C. Companies like Panasonic and Sony in particular have been quite vigorously investing in and developing new approaches in their attempt to make inroads against the established SLR makers, and Olympus, Pentax, Samsung, and Nikon have also invested substantially in the new technologies of their new mirrorless systems, including new lens systems, so the cynical view that "no camera maker is willing to spend the money on a new, superior approach" does not fit the facts very well.