Canon 160 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, Panasonic FZ28 has a
10.0MP 1/2.3-inch (6.08 x 4.56 mm ) sized CCD sensor .
Canon 160's sensor provides 10MP more than Panasonic FZ28'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 160 and FZ28 sensor size comparison.
Canon 160 and Panasonic FZ28 have almost the same sensor size, so neither of them has any significant advantage over the other in terms of providing control over depth of field when used with the same focal length and aperture.