Victor, it is not nearly as complicated as you are makeing it sound. Which focal length multiplyer you use does not depend on the lens. It is not canon lenses, nikon lenses, or Olympus lenses. For the most part the lenses are just the same as they allways were. A 50mm lens is still a 50mm lens.
It is Canon Sensors, Nikon Sensors, or Olympus sensors that are different. The lens projects an image, bigger sensors see more of the image, smaller sensors see less of it.
This diagram by Rocha explains it very well.

So the correct way to look at it is that a smaller (2, 1.6, 1.5 crop factor) sensors are just cropping the center out of the image that was produced by the lens.
So the question is how much gets cropped away? That depends on how big your sensor is. Nikon sensors crop by a factor that makes it
look like they were taken by a lens 1.5 x longer. So a picture shot with a 50mm lens
looks like it was shot with a 50x1.5=75mm lens.
Now olympus has a smaller sensor. It has a multiplication of 2x.
Most of Canon's dSLR's have sensors with a crop factor of 1.6. For all practical purposes you can just leave it at that. Yes, they do make other sized sized sensors, they are very expensive and most people who are going to pay that kind of money, are going to know what they are buying.
The $7000 1DsmkII and the $3000 5D which have 35mm sensors. 35mm is the size which all the other digital cameras are compairing themselves to when they say they has a crop factor. So if you are using either of these cameras the whole crop factor problem/confusion is not applicable. Pictures taken with a 50mm lens look like a picture taken with a 50mm lens. There is also the $4000 1DmkII wich has a slightly smaller sensor with crop factor of 1.3.
So the moral of the story is once you deside which camera body you will be using, you only have 1 crop factor to worriy about no matter which brand you go with.
As far as which sensor size is best, it depends on what you value most.
Just as with the larger formats of film, larger digital sensors will be able to capture more detail (im purposely avoiding the word resolution becausee many people associate pixel count with resolution and pixel count is a horrible measure of resolution = of how much detail will be captured) with less noise (grainyness) and will be able to produce images with very thin depth of field (only a small part is in focus).
On the other hand smaller sensors /film are less expensive and easier to use. The cameras are smaller, they require less light ( when you want everything in focus (large depth of field)), and make it easier to fill the frame with a tiny creature.