The downsized raw modes aren't making full use of the sensor, however we are all assuming that the megapickle monster will have inferior IQ. From what I've seen, the IQ and high ISO of the D800 is nothing short of staggering. NR has a comparison of high ISO between the D700 and D800.
The 5D3 has some very strong competition.
If only Nikon's lens lineup was as impressive as canon's...
Yeah, that is my impression too of the D800. Early impressions are that this will be an amazing camera. We won't know for certain for a few months, though.
On another note, whenever I come onto technical forums, I get the impression that people are looking for perfect photos right out of the camera. No crop, no editing. If that is how you shoot, then more power to you, but I crop the majority of my photos, sometimes severely, and have spent 10 hours+ editing a single photo. Sometimes you edit like crazy for artistic reasons, and sometimes you do it out of commercial necessity. (The former is a lot more fun!)
While nothing beats pure IQ for most editing, the more data you have in megapixels generally translates into the best photo if you are pushing and pulling the pixels in different directions while striving to make the photo look perfect right out of the camera.