Canon ELPH 300 HS has a
12.0MP 1/2.3-inch (6.17 x 4.55 mm ) sized BSI-CMOS sensor and features DIGIC 4 with iSAPS technology processor. On the other hand, Canon ELPH 340 HS has a
16.0MP 1/2.3-inch (6.17 x 4.55 mm ) sized CMOS sensor and features DIGIC 4+ processor.
Below you can see the ELPH 300 HS and ELPH 340 HS sensor size comparison.
Sensor Size and Resolution Comparison image of Canon ELPH 300 HS and Canon ELPH 340 HS Cameras
Canon ELPH 300 HS and Canon ELPH 340 HS have the same sensor sizes so they will provide same level of control over the depth of field when used with same focal length and aperture. On the other hand, since Canon ELPH 300 HS has 32% larger pixel area compared to Canon ELPH 340 HS, it has potential to collect more light on pixel level hence have less noise in low light / High ISO images.
Sensor size sets the circle of confusion, so it drives how much depth of field each
of these bodies gives you at a given aperture. You can calculate it exactly for the
Canon ELPH 300 HS
or the
Canon ELPH 340 HS ,
including hyperfocal distance.