A few things:
1.) P&S cameras, with their tiny sensors, have incredibly deep depth of field. Why? The image posted by SoCal69 explains it well ... the focal lengths required for 'normal' photos on small-sensor cameras are very wide. Very wide = very deep DOF. So if all you're after is DOF, get a P&S 
2.) Larger sensors can deliver better quality images because, as Chris says, they collect more light. This becomes increasingly obvious as ISO increases. You got that right 
3.) DOF is a function of aperture, focal length and distance from subject. It has nothing to do with ISO "per say". So you can stop down your aperture to increase DOF, but you'll lose light, so you'll need to either slow down your shutter speed or increase your ISO to get the same exposure. Or in a studio, you could just increase the power of your strobes. (Bear in mind that shutter speed is irrelevant when using strobes as primary light sources.)
I guess most of what you've said is correct, but your flow of logic seems to be:
Smaller sensor -> large DOF (but cruddy little camera, no detail, yuk)
Larger sensor -> less DOF (but better ISO performance makes up for it by letting me stop down my aperture lots)
Big camera -> studio flashes (which let me stop down my aperture lots without increasing ISO ... at least I think that's what you said?)
And I'm not quite sure where you're going with that.
In the end, I think you'll find full frame cameras can deliver plenty of DOF without even needing to increase ISO -- just by stopping down aperture and making sure your shutter speed doesn't drop too low. In studio environments, you should be able to shoot ISO 100 and get very high DOF (if your strobes are powerful enough).
Oh, and you don't need FF to get amazing detail -- 1.6 crop cameras (like my 30D's) do a marvellous job, unless you need REALLY big prints.
Hope that helps.