APS-C sensors are better than m4/3 aren't they?

APS-C sensors in DSLR's are better than m4/3 at dynamic range and noise etc. aren't they? This piece of "common knowledge" is often quoted again and again in photographic forums.

The following are taken with a Canon 550D fitted with a 10-22mm zoom at ISO200.

Some blowups from the image.

550D test

The in-camera jpg. (At full-size on flickr)

550D -jpg

See what you think.