It would be very demanding for the lenses (even for Leica lenses).
If we look to the story of Sony system, they only have few lenses on par with their highest megapixel sensors. Most of their lenses do not match their excellent sensors.
A reasonable megapixel count + dynamic range + low light capabilities + color depth + color accuracy would be the formula for success.
Of cause there is a need for more pixels. Not for daily life and your photoalbum with shots of your family but e.g. for big prints of landscapes hanging in my living room (or other rooms as well) requiring 40 x 60cm, 80cm x 60 cm or maybe 110 x 60 cm (16x9) in the near future. Or for multimedia shows for big screens where you want to zoom into the details like trees, buildings etc.
A MF-camera is no option not only because of lacking money but also to poor choice of lenses like a Canon 17mm shift for example. For me, 20MP is average - you can have it on every consumer DSLR and even a handy.
The real challenge seems to be the combination of maybe 50 or 75 MPs with higher ISO.
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