If P/L/H are going to claim they offer $20,000-$28,000 more value for the same imaging pipeline, they will have to make a strong case. I'm not saying they can't do it. But I am saying it's a different game than before.
There are still unique values for backs: ability to mount on technical cameras, shutter leaf lenses, tethering, excellent support from VARs, their very price and the corresponding induced feeling to own the best,...
Now, I am not sure that a majority of MFDB owners really use those possibilities much. My guess is that a majority of non pro owners just buy a DF camera or a HxD and just shoot with it the same way they would shoot with a DSLR.
For that important segment, the 645Z does appear to provide much better value and possibly also better performance as a system depending on your applications. It is very obvious for landscape work, would it only be thanks to its rugged construction.
Now, an interesting side effect of Pentax adopting Exmor technology is the more widespread acknowledgement that some 35mm sensors, such as that of the D800/a7r, do provide equal if not better pixel quality than much more expensive backs.
Now, 51mp and 36mp are not that different for most applications, in fact they are pretty much the same if stitching is added to the picture. This means that the 6,800 US$ D800E + Zeiss Otus55mm f1.4 is de facto made into a credible competitor of the the 37,000 US$ IQ250 + 80mm f2.8. I am unclear which of the 2 delivers the sweetest images... in fact I am pretty sure that the rendering of the Otus is nicer and that the actual detail is superior at wider apertures, regardless of the lower sensor resolution. We would need DxOMark to test the P1 80mm f2.8 on the UQ250 to be sure.
Cheers,
Bernard