I just wanted to add a bit more to the discussion here. I don't believe that its the resolution of the sensor, so much as the size of the pixels. It's the combination of the APS-C sensor size and the pixel size that just happens to combine to a very "optimal" 16MP resolution. I think that the pixel size (and I have not done any extensive research) is large enough to efficiently collect the light, coupled with low noise, while being sufficiently small in order to allow sufficient resolution for large printing, while supporting sufficient area for reasonable cropping. If you look at the pixel size across a number of bodies and their sensors, I think that you start to see that there is a pretty good sweet area.
- Pentax K100D - 7.87 microns
- Nikon D4 - 7.4 microns
- Canon 5DIII - 6.25 microns
- Nikon D600 - 5.95 microns
- Pentax 645D - 5.9 microns
- Pentax 645Z - 5.3 microns
- Nikon D800/e - 4.88 microns
- Pentax K5/II/IIs/30/50/500/-01/Nikon D7000 - 4.75 microns
- Canon 6D - 4.3 microns
- Pentax K3 - 3.9 microns
- Pentax Q - 1.5 microns
The D800/D7000 each has pixels that are similarly sized and it too has also been very successful - with double the sensor area. Pentax's 645 bodies with the substantially larger sensor size are able to sport an even larger pixel size while having higher resolutions. I think that this pixel size essentially is pretty representative of the optimal applied technology available today. As time passes, and additional technological developments and innovative approaches are applied, I would have to think that a new sweet spot will emerge. However, over the last few years now - this pixel size does appear to have excellent dynamic range with good noise rejection - thereby enabling both good low ISO and high ISO ranges - which produces excellent image quality.
I firmly believe that more can be done with this sized sensor (along with its low noise characteristics) - which would entail a full reuse the engineering design and production facilities that Pentax has already invested in. By reusing and reapplying this already sunk costs with some creating thinking and innovative approaches. It should also have the potential of producing some out sized profits.
For instance, what the industry has done to date is to continually shrink the pixel size in order to add pixels and increase the "resolution". However, you can use the technology Pentax has - shifting the sensor's position, to effectively reuse the same pixels - without reducing their physical size, to add resolution.
Pentax is looking for ways to differentiate themselves - well they already have the technology - just apply it slightly differently - all via software. Photographers are told to work the location for all the viewing angles. Well, engineers need to work the technology they already have - through some ingenious application of the current technology.