Agree on how poorly phrased this rumor is.
I still don't understand how a 22mpx full frame camera from Canon is expected to compete with a 36mpx camera from Nikon... Different leagues in terms of resolution. Also, with Nikon strongly rumored to be offering a camera without an AA filter it will distance itself from the new Canon entry even more so.
I suspect that unless you are into seriously large prints or big crops you wont see any benefit from the extra mps. However you would see the benefit of an extra 2 stop of DR
Monitors and other output devices will not stay the same. These devices (printers, beamers, montiors, tv, ...) will also have a higher resolution. You can already buy 4K monitors with about 4000px resolution.
You should keep it in your mind when you are taking photos for the future. You will not be limited by output devices. So think about the limitations of the input...
+1 good point.
In film days few printed above 8x10" (certainly for 35mm), now that's considered small. One area where I think that digital lags behind film is in the projection of images onto a large screen. It isn't the cameras, it is the fact that all but the most expensive projectors max out at 1080p (i.e. 1920 x 1080), this isn't even close to what a good 35mm slide projector can do.
One does have to balance this against what current technology is capable of, as well as those pesky laws of physics. It is doubtful for instance that Sony's new 18MP Cybershots will resolve anything like their stated resolution even at base ISO, because of diffraction effects.
There is a limit to what even full frame 35mm sensors will be able to resolve, but I don't think that the current generation are there yet (a 36MP D800 may well be getting close). What is certain is that to make the most out of these high megapixel cameras will require shooting discipline and for landscape photographers, the use of more exotic lenses like tilt-shifts to overcome diffraction whilst maintaining depth of field.