Why can't they leave the silly megapixel-wars up to the tourist and amateur p&s cameras? It's not like we pro and semi-pro people are as stupid but want good cameras with great quality instead of silly megapixel amounts.
In a sense, I agree with you. Back in the day, you could put Velvia in a P&S and get images that were only limited by the quality of the lens. These days, you have P&S cameras with better lenses (though not SLR-quality yet), but the sensors are just plain bad. A friend of mine has a 12MP Olympus that has an ISO6400 mode. It's an absolute joke.
But re: pro/pro-sumer cameras (I'm thinking Canon X0D, 5D, and 1D-series or Nikon D90, D700, D300, D3 level cameras here, rather than very basic SLRs), I think more MP isn't necessarily a bad thing. We can see that the 5DmkII has (it seems) very low noise at 21MP (much better image-level noise than the original 5D). You take that 21MP image, crop it down to 1.6x to get your telephoto range back, and you're still looking at 8.2MP of excellent, noise-free IQ. In fact, that image may actually show better IQ and noise than a native 8.2MP image you might get from a 20D or 30D.
On the other hand, if you have the glass to resolve those massive MP counts, you'll get ultra-high IQ. But for those who have crap (basically, in Canon-speak, non-L) glass, those MP are going to be a nuisance because they will show the faults of the lenses much more readily.
So I agree in principle; it's becoming a little silly re: MP. But both Nikon and (especially) Canon have managed to go to very high MP levels and maintain very low noise. That, to me, is the best of both worlds. Get yourself some good glass to go with those bodies, and you're basically set for a LONG time. My next camera will be the 5DmkII, and I don't anticipate moving from that for many, many years.