As a rule, the bigger the sensor, the better. You have a thing called pixel density, which basically means that the denser the pixels are, the more digital 'noise' you're going to have. That's why you have better resolving power in a full frame Nikon D3 than a 1.5x Nikon D2x, even though the D2x has slightly more pixels.
The other thing to keep in mind is that the larger your print size, the less your pixels per inch (DPI) ratio has to be. So, rather than extrapolating the file size up when you make a large print, decrease the DPI. So for your 34x40 inch print, try it at 100 DPI, rather than 300 DPI. You still might need to extrapolate a bit, but the less you do, the better off you'll be. I've made 24x36 inch prints from my D2x, and there's been no significant noise, pixelation, or loss of detail.
If you're staying with the Nikon system, definitely look to the D700 or D3, or maybe the new product that's coming out next week. The Canon 5D or 1Ds would work well also. The quality of the lenses is going to have a direct influence on the image quality, especially when you start getting into really big prints.
If you have $20 or $30K spend, try one the medium format Hasselblad systems.
David Buzzard