  We calculate the quantum noise limited displacement sensitivity of a
Michelson-Fabry-Perot (MFP) with detuned cavities, followed by phase-sensitive
homodyne detection. We show that the standard quantum limit can be surpassed
even with resonant cavities and without any signal-recycling mirror nor
additional cavities. Indeed, thanks to the homodyne detection, the output field
quadrature can be chosen in such a way to cancel the effect of input amplitude
fluctuations, i.e., eliminating the force noise. With detuned cavities, the
modified opto-mechanical susceptivity allows to reach unlimited sensitivity for
large enough (yet finite) optical power. Our expressions include mirror losses
and cavity delay effect, for a realistic comparison with experiments. Our study
is particularly devoted to gravitational wave detectors and we consider both an
interferometer with free-falling mirrors, and a MFP as readout for a massive
detector. In the latter case, the sensitivity curve of the recently conceived
'DUAL' detector, based on two acoustic modes, is obtained.
