Another factor is focal range. With a bigger sensor it's easier to have a wide field of view, again an advantage dedicated cameras have.
I disagree about APS-C and FF being the winners. I think FF has peaked, the traditional advantages of FF are compensated for in smaller formats by better sensor silicon (getting to better low light sensitivity for a given pixel size) and optics (F1.8, F1.4 and even F1.2 lenses). FF still has its place with pro photographers but for amateurs the cost, size and weight (not just the camera - that primary factor here are the lenses, which become very big and very expensive as you climb up the sensor size) make it impractical.
I think FF will rule for pro photographers and MFT, which is smaller than APS-C, will rule the amateur market. MFT cameras are pushing the definition of pocketable already, but they can be carried along with a small lens and be with you everywhere. I can probably fit my PEN-F with a 14mm Lumix pancake lens in my jacket pocket without too much hassle - and as the old saying goes, "the best camera is the one you have with you".