Just out of interest - what would the Canon with lowest noise levels at high ISO (crop) available?
Anything with the 18MP sensor. And in that camp, the most recent is probably the best.
I've heard some of the older bodies are better than the newer bodies
You heard wrong. And I'll tell you why. I owned a 40D (10MP), a 50D (15MP) and now a 7D (18MP). When my 40D was stolen, I spent some time shooting with my friend's 350D (8MP). Looking back on those files, it's very clear that the newer sensors are much better.
For interest's sake, it is true, to some degree, that the newer sensors produce more noise. But they also capture more light. Much more light. The older sensors, especially the 350D/20D/5D and earlier vintage, was really quite poor, capturing only about 25% of the light hitting it. The 5D produced better results because of the sheer size of the sensor, but technologically it's one of the worst that Canon has made. The 7D sensor captures 41% and the D3S captures a whopping 57% of the light hitting it. That gives you a much much better signal to noise ratio, even if there is more noise.
(source)
I heard 50D wasn't as good as 40D either?
Again, I've owned both. The 50D is better.
EDIT: just to clarify, I'm only referring to 1.6x crop bodies. bwana's 1.3x crop is a different beast...