It won't have high ISO performance anywhere near that of the 1D III. To expect anything else is quite absurd. High ISO quality is about, essentialy, two factors:
* (1) The base level of technology - sensor, micro-lenses, image processing engine & its firmware.
* (2) The size of the individual sensor elements.
No. (1) will, of course, be quite close - just as all Canon cameras within a given time frame tend to be similar to one another (consider, for example, 20D and 350D, or for that matter 5D - all around the same time, al about the same noise performance apart from .... well, that leads me to #2:
Bigger sensor elements collect more light. Basic physics; no way around it. This is why the 5D (using essentially the same sensor technology as the 20D and 350D and 30D) gives substantially better high ISO: the "pixel buckets" are bigger, so they collect more light. They generate the same amount of noise, but more signal. The result is simple: better quality images.
If you want the high ISO of the 1D III, you need similar base technology plus similar pixel size. Make a 40D with 6MP and you are in the ballpark. At 10MP in the 1.6 crop form, it is not reasonable to expect it to be much if any bette than the 20D/30D. Note that the 10MP 400D is clearly inferior to the 8MP 20D/30D at 800 ISO and above. So Canon have to improve quite a bit just to break even.
If you want the high ISO performance of a 1D III, you have a choice between two cameras: the 1D III or the 1D III.