[felix]

At the end of the day MFT is just a step up from digicams/phones whereas APS-C cameras are one step further.

 

I think it also depends a little on which aspect ratio one prefers. 

 

If one uses a 4:3 aspect ratio then the effective usable sensor size of APS-C is 144% of the sensor size of MFT (which results in a crop factor of about 1.2 from MFT to APS-C). So in this case, there should not be too much of a difference between MFT and APS-C as you're cropping away some of the advantage 

 

The situation is of course reversed if one mainly uses a 3:2 aspect ratio. In this case the effective available sensor size of APS-C is 184% of MFT's available sensor size, which yields a crop factor of ~1.4. In this case, the step from MFT to APS-C is almost as big as the one from APS-C to FF. 

 

And of course all of this only makes sense for cameras without a multi-aspect ratio sensor