So of course I was nerdsniped and could not resist reading up about this and the practical implications for hours, and this is the conclusion I came to for my own purposes (you could come to a different conclusion, not because it is subjective, but because you are comparing different kind of lenses and mounts, each combo is different).
First, the math is indisputable: for a lens with the same resolving power, projecting it onto a smaller sensor degrades the resolution relative to image size in proportion to the crop factor. That is, practically, if you are eyeballing the MTF resolution at a particular point that exists on both sensors, on the sensor smaller sensor that corresponds to an “effective” resolution of crop factor x lines/mm.
However, keep in mind that resolution falls off as we deviate from the optical center. So, if you are adapting the same lens to a crop sensor (eg with an adapter), effectively you will be in the “better” region of the lens.
But of course in practice you would be comparing lenses of the same angle of view, eg a micro 4/3 lens at 42.5mm to a full frame at 85mm; they may be an entirely different optical design. Nevertheless, I eyeballed the MTF charts I could find for the primes of typical focal lengths I care about (I also tried zooms, but since charts differ by focal length, I find this a hopelessly complicated undertaking).
So I did something non-scientific, but practical: suppose I spent roughly the same amount of money on a lens, comparing equivalent focal lengths (ie taking crop factor into account), how much would I gain when going to FF from micro 4/3?
It is difficult to match prices exactly, but micro 4/3 lenses are relatively cheap compared to full frame (I looked at L-mount). I also found that for the lenses I looked at, resolution falls off on MTF charts about the same (PanaLeica and premium Oly lenses are better) but of course the graphs stop halfway for micro 4/3 native lenses.
I came to the conclusion that, depending on the lens, I would gain about 15–40% in pure equivalent resolution over the whole frame. Most of the “offset” to the theoretical 100% comes from the edges for micro 4/3, I am guessing that for similar flange distances, covering a smaller sensor makes the life of lens designers much easier.
(Caveat: aperture. I tried correcting for that by the crop factor, eg compare the MTF chart of a micro 4/3 lens at focal length X and aperture Y to a FF lens at 2X and 2Y, but MTF charts by aperture are not always available so I had to find the “closest”. Roger Cicala’s blog observes that closing down does not always significantly improve lenses that are already good to start with. But nevertheless this could matter a bit.)
So… what did I learn that improves my photography in practice? Not much. Consider one of my lenses that I like the least, the Panasonic 14mm f/2.5. Surprisingly, it is a pretty decent lens when it comes to resolution. If I had the PanaLeica 12mm f/1.4, it would buy me a teeny bit of extra resolution that is 6–8mm from the image center. And of course more light, which is much more important. But the thing that would improve my photos the most is investing in learning more about landscape composition.
(sorry for the wall of text)