Introduction
Ever since I posted my review of the Canon EOS-5d,
I've gotten quite a few emailed questions from people who are
considering jumping onto the 'digital bandwagon'. Far and
away, the question most asked is "What's the largest print you can
make from an exposure from the 5d and get a print of acceptable
quality?"
As it turns out, this is a simple question without a
simple answer. Part of the problem is that print quality is
not a simple scalar value; it's composed of a number of properties
which combine in a non-linear way to produce the final 'quality' of
the print. The other part of the problem is that 'acceptable'
means totally different things to different people. So
'acceptable quality' to someone who's been contact printing large
format film will be rather different from 'acceptable quality' for
someone who's moving from 35mm film.
That doesn't mean that there isn't an answer.
It just means the answer is complicated, and any final conclusions
tend to be couched in terms of sentences that include phrases like
"depending on the standard of comparison'.
The Issues
I think there are several things going on with print size. In no
particular order, the big issues (in my view) are spatial
resolution, noise, and tonal resolution.

Spatial Resolution
It's worth noting that with spatial resolution, the MTF of film
and a digital sensor differ in dramatic ways. With film, the
convolution of the MTF of the lens and the MTF of the film give you
a combined curve where as the spatial resolution increases, the MTF
drops away from 100% smoothly until you at last are at the zero
response at a certain limiting frequency. This means that as the
detail you're trying to resolve becomes higher and higher frequency,
the apparent contrast of that detail in the capture becomes slowly
lower and lower until at last, there's no contrast at all.
This is different from a digital sensor, where the MTF of the
sensor is such that it's quite high right up until the spatial
frequency approaches the Nyquist limit of the sensor, and then it
drops rather swiftly toward zero. There are aliasing and other
issues that cloud this generalization but on the whole it's a
helpful way to look at the situation.
The result in the print is that you get great fine detail
contrast until you're very close to the point where the detail
simply can't be resolved, and then the detail just 'disappears'
completely. The gradual roll off in contrast is limited to that
contributed by the MTF of the lens.
So here's what happens with digital images as you print them.
Below a certain size, you're rendering the available detail in the
image at a scale at or below the ability of the human eye to resolve
- at 'normal viewing distance', this works out to about 7 cycles/mm.
(we can argue about whether it's 5 cycles/mm or 10cycles/mm but no
one believes it is more like 50 cycles/mm).
Now, by fantastic coincidence, this spatial frequency happens to
match closely the 'native' spatial frequency of most high end inkjet
prints. The Epsons (like the 9600 I use, or the more current 9800)
have a native frequency of 360 pixels/inch, or just a bit over 14
pixels/mm, and Nyquist tells us this corresponds roughly to 7
cycles/mm.
So when we print at native resolution, what we happen to be doing
is printing such that all of the detail in the capture is rendered
in the print at a resolution the eye can actually detect. (again,
more or less.) When we start to scale up the image, we now have a
print where the finest detail is rendered at a scale larger than the
limit of what we can see, and so we start to sense a lack of 'depth'
to the detail. Edges still appear crisp, but areas where we expect
to see detail are just smooth tone. [as a side note, it's worth
noting that this is only true in the case where the optical
resolution of the lens used to make the exposure is high enough that
the resolution of the sensor is the limiting factor]
With film, as the actual signal from the film capture passes
through this limit, the noise in the image (mostly grain, but also
just capture noise in the luminance) starts to be rendered, and
provides the 'detail' that our eye craves.
So as you increase print size to the point where you have to up-rez
the image, you enter the realm where the appearance of the print
from a digital capture and a print from film start to diverge in
terms of how detail is rendered. The print from film will have the
contrast of the detail roll off gradually, and the noise from film
grain and the inherent luminance noise will start to fill in
pseudo-detail. The print from the digital capture will have the
contrast remain high until the detail suddenly vanishes, and there
will be no noise to speak of that comes into play as the print size
increases, because there's nothing in the printing path to introduce
noise at those spatial frequencies, because they're just clipped off
by the nyquist limit of the sensor.

Noise
First, a confession. I came to large format because I was drawn
by the capacity to render detail and the impressive sharpness. I
stayed with large format because I came to love what I call the
'creamy goodness'. The razorlike sharpness and the depth of detail
are nice, but what drove me to photograph in large format for so
long was, simply, the relative lack of noise.
So, for me, the big win with digital capture is the relative lack
of noise. For smooth tonal gradients without high frequency signal
(detail) like sky, smooth water, clouds, fog - digital kicks ass.
Furthermore, this noiselessness scales well from digital capture,
for the very same reasons that we don't get pseudo-detail like we do
from film. When I take a film negative and enlarge it to a certain
point, eventually I am rendering the grain of the film at a spatial
frequency that's visible. In my mind, this is a 'break-up' of the
image, just as some people feel that passing the detail threshold is
a 'break-up'. If we have a region of the image that is noise free
and has no detail, it doesn't matter how we scale the print - that
region will print as noise-free.

Tonal Resolution:
With film, the tonal resolution is limited by noise. That is, the
absolute tonal accuracy is limited by the noise inherent in film. We
can pick finer grained, less noisy film and developer, but we can't
make the noise go away, and the noise floor is the limit of tonal
resolution. A lot of the noise floor is the film grain - so that
small enlargements have higher tonal resolution than really large
ones. Think of film grain as a way to dither a binary signal.
With digital capture, especially the current crop of sensors, the
noise floor is really low. I think the 12 bit depth of current
sensors surpasses film at all but very small enlargements.

Bottom line
Suppose we were to make two captures of a scene, and print the
results both as conventional analog prints and also as digital
prints, in a series of increasing size.
If we rated the prints on resolution, at some small print size,
they'd be essentially equivalent. That would be the situation right
up to some critical size, and then the ratings would drift apart,
with the analog print looking relatively better as the noise started
to provide 'pseudo-detail' and the digital print looking worse as
the details started to look 'blank and smooth'.
If we rated the prints on noise and tonal fidelity, at first, the
prints would be equivalent, because the noise in the film capture is
rendered at a frequency too high for us to detect, so that it
appears as noiseless as the digital capture. As the print size
increases, The digital image will remain noise free and will retain
all of the tonal resolution, but the film capture will slowly but
surely become noisier and have less and less tonal resolution.
As that happens the digital capture will start to outshine the film.
So in practice, what happens is this: at very small scale, film
and digital prints are indistinquishable. At a moderate scale, the
noise in the film capture starts to be rendered visible, and the
digital capture wins. As we increase the scale, the detail in the
film capture (and the pseudo-detail) will eventually overtake the
noise advantage of the digital capture, and the film will start to
win.

The Answer
So now we're to the point where I can give a reasonable answer to
the question "how big can you print a 5d image?" Bear in mind,
these answers are based on my personal aesthetic.
The answer is something like this: At 10x15, the 5d is beating
even medium format film and good lenses, because at that size, MF
film would just be beginning to show grain. 4x5 negatives scanned
and printed inkjet are only breaking even with the 5d.
At around 15x22, the lack of high frequency detail will start to
show in the print from the digital capture, and so a print from a
really detail rich source (large format film) will beat the 5d print
on resolution but only break even on noise. At this scale, the 5d
handily beats the bejeebers out of 35mm film, and edges out medium
format film, which beats the 5d on resolution but loses on noise.
At around 20x30, the sparseness of detail is pretty obvious, and
FOR MY CURRENT WORK I'd not really want to display prints from the
5d larger than this. Work which is utterly independent of rendering
of detail (say, stuff like Stieglitz's cloud equivalents) might well
benefit more from the lack of noise and since detail doesn't matter
might look great at sizes larger.
That's a very long winded answer to what appears to be a simple
question but turns out to be pretty darn complicated. The bad news
is that YOUR answer is going to be just as complicated, and because
your aesthetic will differ from mine, your answer is almost surely
going to be different from mine as well. The good news is that
at least you know how the various aspects of print quality scale as
the print size increases.