I'll chime in here and agree. I've printed 4MP images at 12x18" (around 150dpi) and they look fantastic. Furthermore, when you see a beautiful image on your computer monitor, you're probably only looking at 105dpi.

Sure, if you stick your nose directly into a print (or your monitor), you'll see the pixels, but from any normal viewing distance, these prints look just fine. What extra resolution is really good for is either huge enlargements (i.e., wall-sized prints) or allowing you to radically crop down an image and still have something useful.

If you gave me a choice of a 12MP camera that gave 10 bits per pixel of useful signal (i.e., you could push it two stops, after which you just got noise), versus a 6MP camera that gave 14 bits per pixel (i.e., an exposure range from ISO100 through ISO6400), I'd take the latter in a flash. (Somewhat ironically, the present high-ISO leading camera is the Canon 5D, which is both excellent at high ISO and is 12MP.)