I'm rather amused by some of the reactions I'm reading here. This whole arms race mentality, the notion that "pros" are being pulled back and forth from one camp to the other...
Both companies (Nikon and Canon) are in the business of making money, and bolstering and expanding their market share. Both are quite successfull at that. How many of you demanding a new killer DSLR from Nikon could actually afford/justify to buy it if it came out tomorrow?
Apart from possible sensor availability issues I think the upgrade D40 -> D40x is a smart move, it gives newcomers to the DSLR game another attractive choice. It's all about finding new customers, there's only so many PJs to go around. Nikon's strategy seems to be recruiting fresh blood from the digital P&S camp (any brand) and making them Nikon DSLR users. Which makes sense, once they've invested in lenses, flashes and accessories they'll likely purchase one of the more expensive bodies at some point in the future.
Being a nerd I'm of course curious what the next Nikon pro DSLR will look like but I'm also certain that I'm not buying one when it comes out. I'm well served with what I've got right now and don't bite my nails waiting for the "big announcement".
Regarding the FF vs DX debate, I can only shake my head. What you gain on one end you'll lose at the other. While Nikon has had some nice wide angle lenses in their line-up their forte have always been the telephoto and super-telephoto lenses. Maybe they see most of their pro shooters using long lenses, and those will certainly approve of the 1.5x no light loss "TC" afforded by the DX sensor.
Also, while bigger photos sites on the sensor are a strategic advantage in battling image noise I believe the game is won with sensor technology and manufacturing abilities. Otherwise the D2x would have much worse noise than the D1. As we've seen, a large digital sensor aggravates the problems with even illumination when using wide lenses (the reason you wanted the 35mm sensor in the first place, right?), a problem only Leica have tackled so far (AFAIK).
Finally, calling the 35mm format "full frame" would have sounded utterly ludicrous just a few years ago...
Alright, I'm off my soap box now
Cheers
Steffen.