For all practical purposes, this topic was pretty much explored in this thread:
http://www.canonrumors.com/forum/index.php?topic=20525.msg387978#msg387978 Skip the first several pages of childish comments and dig into the longer explanations of the limitations of APS-C for some insights.
Shorthand Conclusion: An APS-C sensor won't exceed the quality of an APS-H sensor, so clearly, it's not going to be better than the 5DII full frame sensor.
Knowing that, I really believe we can more intelligently speculate on what the 7DII might look like.
I see Canon playing on the strengths of APS-C rather than trying to compensate for its weaknesses. I would not be surprised at all if the 7D II looks something like this:
24mp dual pixel sensor.
Very modest improvements in noise at high-ish ISOs (800-3200). Slightly better than 70D but not as clean as a full frame or even APS-H sensor.
Dual card slots (SD and CF)
Frame rate between the 7D and 1DX
Weathersealing at least as good as 5DIII, possibly better
Autofocus at least as good as 5DIII, possibly better
f8 Autofocus
Touch Screen
Wifi
A handful of video-oriented features (I don't know what these would be, because I don't shoot video, but I believe we will see some video improvements/features)
Perhaps a few other unexpected features (built in transmitter for 600 RT would be nice, but I'm guessing the regulatory issues make that too complicated to implement as it would require different bodies for different regions)
In short, I think what you will see is a high-end, high-performance body that will be great for daytime sports, birding and wildlife shooting.
Canon will build on the strengths of the 1.6 magnification factor. A 24mp or higher sensor will give distance-limited photographers an ability to crop out a significant portion of an image, and still retain enough pixels for some very nice and good sized enlargements.
Think about coupling that with a new 100-400 5.6 zoom: 400 x 1.6 = 640mm x 1.4 teleconverter (with f8 focusing) = 896mm then crop out half the frame, leaving a 12mp image = effective focal length of about 1,800mm.
Extreme example, but you get the idea.
And, from Canon's perspective, the great thing is it supplements, but doesn't replace the 5DIII or the 1Dx, which are still going to be the best available cameras for higher ISOs, portraiture, events, etc. etc.
It's all part of Canon's two-body strategy. With the market maturing, they need to find new opportunities. Selling enthusiasts two bodies is the best way to increase sales. I've read a lot of posts from former 7D users who claim that now that they have a 5DIII they don't want a 7DII. But, they haven't seen the 7DII. Canon's challenge is to change their minds and I think they'll do that.