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Higher ISO and better dynamic range I think are both possible. I'm sure Canon actually thought it was doing pretty well in Sensor technology, that is until Sony woke them up.
They virtually sat on there laurels for too long. Sony beat them to it plain and simple, but before you get all wound up, theres much more to a camera than just the sensor, its a system.
Thats why it takes longer for a company like Canon or Nikon.
The Sony Nex sensors are very good as well, but the lenses aren't as good as some of the other systems.
Canon's coming, its just a matter of time, and good design.
I'd like a 1DMk3 sensor and autofocus, without all the Pro features, maybe 12Mp, and I would be happy. I don't even have a 1Dmk3, but the feature set in that camera is really top notch, and If all the cameras had that sensor, they would be tough to beat. And thats what, 6 or 7 year old technology?