Very much agree. 40D is a brilliant camera. Had two of them myself both running in over 150k clicks and still have one.
If you compare the 7D and 40D on DXO there is not much between them at all. Put a 17-55mm on it and it creates razor sharp images.http://www.dxomark.com/index.php/Cameras/Compare-Camera-Sensors/Compare-cameras-side-by-side/(appareil1)/619
I used mine for weddings, landscape, motor sport and editorial work never missed a beat.
But lets not delude too far, it is a great camera but certainly showing its age. Screen res (you cant really tell if the image is sharp), no AFMA, one F2.8 cross type and 8 F5.6 cross type outers which aren't that useful or accurate, ISO 1600 is about as far as you can shoot and not that it bothers me as I dont shoot video but no video.
If you want a cheap fast camera with brilliant IQ then the 40D was probably the best of its era.
Its only when you get cameras like the 5DMKIII that you realise. If your not spoiled in tech like that the 40D still impresses. I upgraded to the 7D and apart from obvious body upgrades the IQ difference was not that great and they are very similar infact I found the 40D to create images less noisy where it counts 100-400. So sold the 7D for a 5DMKIII and kept the 40D.
The 50D didnt appeal to me. 50% more pixels on similar tech made the images rather noisy.