You'll see a bigger difference going from 40D to 5Dc than you would going from 40D to 7D. And that's primarily because of the format (crop vs. FF). The difference in DoF gives the images a different look than what you've been accustomed to. If you're willing to put up with less-sensitive outer AF points than your 40D, and you're okay with the smaller LCD, then you get nothing but wonderful IQ from the 5Dc. It doesn't really do high-iso since it mirrors the 40D, 1600 and then H for 3200 I believe. But because of better S/N ratio, you should see about 1.5-2 stops in noise difference.
There are quite a few that have tested out the 5Dc vs. 7D. In that if you downsize the 7D's 18mp down to 12mp, then the noise becomes comparable. And that the 7D allows up to 6400 native and 12800 as H. But the 5Dc should provide you with more DR, and the files are much more flexible to recover/process (highlights/shadows). The 7D files are less forgiving.
If you're doing portraits primarily, I say a 5Dc is likely a much better buy than a 7D for you... unless you live at iso3200 w/o flash.