As has been said, we have yet to see sensors outresolve lenses. You will see this happen when, using the best techniques and the lens "sweet spot" an image viewed at 100% will show "pixel smear". Now, you can get over that with either "pixel binning" or just keeping the image downsized, but I personally would prefer to keep back from that point of wasting/discarding pixels.
And, as has been said, up to this point there is no "loss" with the greater resolution. A high megapixel image will always look at least as good as a lower res image taken with identical settings and on the same size sensor, viewed at the same size. So, in this sense, those conditions can even overcome the "outresolved lens" business, despite the fact that I'd personally prefer to avoid that
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Now sensor noise is something different. We can't compare between two sensors of different resolution but the same size, because, with the current technology we don't have two like that to compare. We can compare the 7D with the 40D, 50D, and/or 60D, but from everything I've heard, high ISO noise performance has improved over the generations so that the higher resolution sensors may or may not have an overall similar amount of noise but the technological gains have increased the pixel-level capacities to gather light and also when you view the 7D 18MP file downsized to view alongside a 40D 10 MP image you will have the 7D noise compressed and minimized (although along with relevant detail -- a tradeoff).
Now, all this does not take into account differences between, say, the 5D2 full frame sensor and the 7D when it comes to image quality issues. Now is not the time to start a full frame vs crop debate
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