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With RAW capture, the 1D Mark II does compete image-wise with the 5D. The primary difference is a little more resolution on the 5D, but otherwise they are practically identical:
http://www.davidhophotography.com/tests/bottletest.html
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I just can't agree, I wish I could.
I've been comparing similar pro shots taken on a tripod with MLU from the days I used my 1DII to more recent shots with the 5D. There is simply much more 'in there' with the 5D. I'm happy to agree that in terms of colour and contrast they are quite similar, although the 5D seems inherently a lot sharper due to the less strong anti-moire filter. I don't need to process the 5D/RSP shots any further
Another big advanatage is when I need to uprate to include people in the shot, I can easily get away with 400ISO on the 5D and hardly notice, something I couldn't do on the 1 series
The acid test is my clients who are saying that they prefer the newer stuff when it is reproduced.
Leigh