The Mark III refresh being postponed for a 1D Mark V doesn't really make sense to me because, even with a 7D-like (or far better) AF sensor, I'd guess it'll still likely be a far cry from the Mark V's. The old 39 point sensor of the 1D Mark II / N strikes me as possibly being, even today, an upgrade from the relatively simple AF sensor of the 5D Mark II.
And the 7D being mentioned - well, the 7D having a much better AF sensor than the 5D hasn't been seen to prevent Canon from releasing it out of deference to the Mark II. Sometimes it's just tech's time to go.
My personal thought is that these lines should be regarded and released separately, as pros require. The 1.3x crop factor sounds somewhat useful for sports photographers and possibly PJs, but so is the 1.6x crop (on the other hand that 1.3x crop seems to have significantly better DR and ISO than even the best APS-C crop camera, which would tip the balance for many pros). On the other hand, having the best-est and most up-to-date-est DSLR be a 1.3x crop instead of a FF is a significant drawback for studio photographers. It's not just DR or burst speed, but it's a mix of these things and more. Plus, the direct access controls of the 1D series bodies would be very welcome in challenging situations.