Canon ELPH 150 IS has a 20.0MP 1/2.3' (6.17 x 4.55 mm ) sized CCD sensor and features Digic 4+ processor. On the other hand, Sigma DP1 Merrill has a 15.0MP APS-C (24 x 16 mm ) sized CMOS (Foveon X3) sensor and features Dual TRUE II engine processor.
Canon ELPH 150 IS's sensor provides 5MP more than Sigma DP1 Merrill's sensor, which gives a significant advantage in real life. You can print your images larger or crop more freely.
On the other hand, please keep in mind that Max sensor resolution is not the only determinant of resolving power. Factors such as the optical elements, low pass filter, pixel size and sensor technology also affects the final resolution of the captured image.
Below you can see the ELPH 150 IS and DP1 Merrill sensor size comparison.
Sensor Size and Resolution Comparison image of Canon ELPH 150 IS and Sigma DP1 Merrill Cameras
As seen above, Sigma DP1 Merrill has a 13.7x Larger sensor area than Canon ELPH 150 IS. Larger sensors give photographer more control on the depth of field and blurry background compared to smaller sensor when shot in same focal length and aperture.